Estate Planning involves the preparation of legal documents setting forth one’s wishes how to manage one’s personal and financial affairs before death or in the event of incapacity. We offer affordable Orlando estate planning document preparation for wills, trusts, powers of attorney, living wills, and advance health care directives.
Estate Administration occurs after death. A estate consists of all the property owned by a person at the time of death. Estate administration, is the process of collecting the decedent’s property to the beneficiaries or the heirs at law.
Types of Properties
REAL PROPERTY is land or anything permanently affixed or built on the land, such as buildings, apartment complexes, houses or garages. It includes anything permanently affixed to those buildings, such as fixtures.
PERSONAL PROPERTY is moveable but not permanently affixed to the land. Personal property includes items such as furniture, furnishings, jewelry, art, stocks, or cash. It is known as personal possession.
Types of Ownership
JOINT TENANCY is a form of ownership by two or more parties having and equal share and right to the property. For example, assume two parties hold the title to real property as joint tenants, each owning one-half interest. If one of the parties dies, the decendent’s one-hald interest transfers to the suviving joint tenant, now owning 100 percent of the property. Assume three parties hold title to property as joint tenants, each owning one-third interest of the property. If one of the parties dies, and there are two surviving joint tenants remaining, then each will own one-half of the property since there are two survivors of the joint tenancy property. Joint tenancy is right by survivorship and does not pass to beneficiaries or heirs through a will or trust.
TENANCY IN COMMON is a form of ownership by two or more, however, it differs from joint tenancy in that there is no right of survivorship, and the ownership by the parties is a separate transferable interest. For example, there are two parties who hold title to property as tenants in common. One party dies. That decedent’s interest in the property does not transfer to the tenant in common through suvivorship. That decedent’s interest must transfer through testate or intestate procedures meaning the surviving tenant in common will now be a co-owner with the decedent’s beneficiaries or heirs.
TENANCY BY THE ENTIRELY is a form of ownership similar to joint tenancy except is only for legally married persons. Upon death of one spouse, the property automatically passes to the surviving spouse.
LIFE ESTATE is another form of ownership; however, the holder of the life estate does not hold title in a manner to transfer the property. The holder of the life estate has permission to use the property during his or her life. Upon the death of the life estate holder, the property will transfer in accordance with the person’s estate plan.