Florida has attempted to make the process of estate administration streamlined and simple. There are different options a client can choose based on the value and nature of the assets to be administered; if there are creditor liabilities or possible issue of a contest based on issues of lack of capacity or undue influence. Initial questions that will need to be determined are:
- Did the person who died have a will? If so, do you know where the original of the Last Will & Testament is stored?
- What are the assets of the person who has died? NOTE: For an estate with a value of less than $5.45 million there would be no Federal Estate Tax Return Due in 2016. Also, as of 2016, gifts of $14,000 or less will not require a Gift Tax Return.
- Is the named Personal Representative/Executor willing to serve in this capacity?
- Have any of the named beneficiaries passed away before the person died?
- What are the decedent’s liabilities?
- If the person who died was married, is the spouse named in the will?
- If the person who died did not have a will, who are his/her next of kin or intestate heirs?
Initial answers to these questions will help us advise you on which of the estate settlements are appropriate for your situation. One of the final steps in estate administration is the fiduciary income tax return form 1041. We also help our clients complete and file these forms.