http://www.pankauskilawfirm.com/blog/2016/05/why-is-rock-star-princes-300-million-estate-being-handled-by-a-trust-company.shtml
Everyone knows that Prince died unexpectedly and without a will. Therefore, intestacy laws will govern who inherits his estate. But why is a trust company being appointed by a probate judge in Minnesota to oversee his estate? When should you hire a Florida probate lawyer or trust company to handle your Florida trust or estate?
Prince’s $300 Million Estate and the Need for a Trust Company
- Media suggests that family members or heirs who may inheritPrince’s estate may not be able to agree about who should be in charge of the estate and who inherits what percentage.
- Therefore, trust and estates lawyers West Palm Beach know that it is very common, at least in Florida, for a probate judge Delray Beach to appoint a special fiduciary or maybe acurator.
- Why would Prince’s estate or Florida estate need a curator?
- Well, a curator can handle a number of different tasks for the estate and beneficiaries and may be appointed while there is pending estate litigation.
- Many times, probate litigators West Palm Beach will suggest that a curator be appointed while there is a will contest or a probate petition filed
- One good question is: who should pay for the curator?
- Who actually wants the curator?
- Why would you have a Florida curator when you can simply have a one or two day estate trial, and let the judge determine who should run the estate or handle the probate
- Ask any estate attorney Delray Beach and they’ll tell you that when people don’t get along, or it’s not clear as to who is going to run the estate, a curator will be appointed until it can be figured out who will serve as Personal Representative or Executor.
- Many times beneficiaries will file a petition ro application w the court and ask judge to appoint them to administer the estate
- Until then, it can make a lot of sense to have an objective third party, such as trust company or experienced probate lawyer, administer the estate.
- They can start the administration process so that creditors can be notified, assets can be gathered, inventory can begin, and accountings can be provided to beneficiaries.
- How can I avoid the problems that Prince’s estate is having?
- How can I avoid having a trust company appointed to administer my Florida estate?
- You should consult with an estate planning attorney Boca Raton to get an inexpensive, yet very effective, Florida will, revocable trust, and durable power of attorney.
Want to know more about Florida probate litigation? Consider these free resources:
- Read the Florida Courts webpage on the probate process:http://www.flcourts.org/resources-and-services/family-courts/family-law-self-help-information/probate.stml
- Read the Florida Probate Code:http://www.floridabar.org/tfb/TFBLegalRes.nsf/
- Read the Florida Probate Rules:https://www.floridabar.org/tfb/TFBLegalRes.nsf/
- Here are the Rules Regulating the Florida Bar if you are interested in hiring a Florida probate litigation lawyer and want to know more about our ethical rules and our rules of conduct:http://www.floridabar.org/divexe/rrtfb.nsf/WContents?OpenView
- Here are the Florida Rules of Civil Procedure:http://www.floridabar.org/tfb/TFBLegalRes.nsf/
- Watch free Florida Trust, Probate & Guardianship videos, which include important topics of Florida estate, guardianship, attorneys fees, & trust law.
- There is no cost, no sign up, no one will ask you for your email address to see these dozens of free Florida probate videos