To my friends -

The 4th of July has always been one of my favorite holidays.  It is not the fireworks, day off from work, or even the cookouts that excite me; it is the fact that it is a special day to celebrate how great it is to live in the United States of America.  Our history is rich with men and women who have given their hearts and lives to create and maintain a country that protects a person's right to "life, liberty and the pursuit of happiness".  While I recognize that current times are tough for many of us, it is easy to lose sight of the many blessings we enjoy.  I hope you cherish the time with your family and friends during this special holiday!  Please pray for our troops and government leaders.

Kirk

WHAT IS PROBATE? 

Probate is the process for transferring the assets of a deceased person to those persons or entities that are legally entitled to such assets.  It is a court-supervised process where a judge determines the beneficiaries of the decedent, requires the payment of all lawful debts, and ensures that the proper parties receive the assets of the decedent. 

Probate is only required when a decedent dies leaving assets solely in his or her own name at the time of death.  Some assets are not subject to probate.  These may include a bank account that is jointly owned or is designated to pay on death ("POD" or "TOD"), a life insurance policy with a named beneficiary, or property owned as joint tenants with right of survivorship or by spouses.

The Florida Probate Code governs the administration process.  The services of an attorney are usually needed to navigate through the probate process.  Such services are typically compensated from the estate assets.  Usually the personal representative named in the decedents Will is appointed by the Court.  The personal representative is paid for such services.  If the decedent does not have a Will, the Court will need to determine the beneficiareis according to Florida Law and appoint a personal representative.

The personal representative is responsible to take control of the estate assets and to pay all lawful debts of the decedent.  To determine which debts need to be paid, the personal representative must give notice of the estate proceedings to creditors who have a limited time to file lawful claims.  If such claims are not timely made, they are barred.  Once the estate assets and debts are determined, the personal representative winds up the decedent's financial affairs and distributes the decedent's assets to the proper beneficiaries.