The formation of a new business can be very exciting. One of the most important decisions that a new or existing business owner has to make involves selecting a type of business structure, whether it is a Sole Proprietor, LLC, LLP, Inc., or other structure. The unique set of circumstances present in each available structure requires an attorney with knowledge and familiarity to help guide you in selecting the proper structure.
A will is a legal document created by you in order to control the distribution of your assets after your death. A will allows you to designate the beneficiaries of your estate, including a plan for the distribution of your assets to your spouse, children and others. In the State of Florida, if you do not have a will your estate becomes “intestate,” meaning that a Florida probate court will determine the allocation of your estate regardless of your intentions.
A revocable trust is an agreement created by you to manage your assets during your lifetime and distribute the remaining assets after your death. The person who creates a trust is called the “grantor” or “settlor.” The person responsible for the management of the trust assets is the “trustee.” You can serve as trustee, or you may appoint another person, bank or trust company to serve as your trustee, depending on the trust established.
Formal Administration is required when the probate estate is greater than $75,000 and when the decedent has been dead for two years or less. The probate estate only consists of assets owned by the decedent at the time of his or her death. Florida law provides for summary administration as an alternative probate procedure other than the formal administration process.
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