Who Are The Necessary Parties Involved In An Estate Plan?
When someone wants to develop an estate plan, they will need to bring information regarding the people whom they want to include in their plan, but will not need to bring the people themselves. They will need to provide information about who will help manage their assets when they become incapacitated or after they pass away. An estate plan can usually be accomplished between the person creating it and their attorney. However, an individual should make sure that the people whom they choose to manage their assets or make medical decisions are aware that they have been chosen to fulfill those responsibilities. Completing estate documents is an opportunity for someone to share their wishes with their family members.
Do Most People Develop A Plan To Account For Mental Incapacity? Why Is It Important?
It’s very important for a person to decide who will be in charge of their assets and medical care in the event that they become mentally incapacitated. Preparing the correct documents in advance of incapacitation is the most helpful thing a person can do for their family members. For example, if someone becomes unable to pay their bills, there should be a person designated to take over that responsibility. The determination of mental incapacity is usually made by doctors. If a person has been deemed mentally or physically incapacitated and does not already have a plan in place, then a judge will have to appoint a guardian to look after that person’s affairs. This is something that is both time-consuming and expensive but can be avoided by completing the correct documents.
What Work Does The Personal Representative Have To Do In Order To Settle The Estate?
In Florida, the executor or executrix of a will is referred to as the personal representative, which is a gender-neutral name. The personal representative is court-appointed and granted legal authority to act on behalf of the deceased person. They will ensure that the assets are collected and that any existing debts are paid. In essence, the personal representative is like an account administrator; they use the deceased person’s assets to pay debts and follow the rules to ensure that the proper beneficiaries receive what they are supposed to receive. The personal representative is not personally responsible for the deceased person’s debt.
For more information on Parties Involved In An Estate Plan, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (727) 777-5767 today.
Need Help? Have a Question?
Please Call: (727) 777-5767