Glossary

Estate Litigation

Ancillary Probate Administration. Ancillary probate administration is probate in a jurisdiction that differs from where you reside. If you are a resident of Florida and own real property in Florida, and in Indiana, an ancillary probate administration would be filed in Indiana and the formal probate administration would be filed in Florida.

Assets. Assets are anything you own that has value. real property. Assets can be titled, such as vehicles, bank accounts, stocks, bonds, life insurance, and qualified financial accounts; personal property, such as guns, knives, stamps, coins, jewelry, art, furnishings, and digital.

Beneficiary. A beneficiary is the person(s) and/or organization(s) who will receive or benefit from a will or trust after you die.

Beneficiary Designation. Beneficiary designation is the naming of beneficiaries on assets such as life insurance policies, IRAs and 401(k) accounts so that they won’t be subject to probate.

Codicil. A codicil is a written addition or a supplement that explains, modifies, or amends a will or part of one.

Contest. To contest a will means that you’re going to dispute or challenge the terms of a will or a trust.

Custodian. A custodian under the Uniform Transfer to Minors Act is a person named to manage assets left to a minor.

Digital Assets. Digital assets are property rights or interests that exist virtually, for example on the Internet. Online savings or investment accounts, rewards points linked to an online account with an airline or rental car company, and cryptocurrencies like Bitcoin are also types of digital assets.

Disinherit. To disinherit means that a person wants to prevent a beneficiary from receiving an inheritance.

Durable Power of Attorney. A durable power of attorney involves designating an individual to continue to handle all your financial transactions and operate your business. A durable power of attorney allows the designation to remain in effect when the appointing person becomes disabled.

Durable Power of Attorney for Health Care. A durable power of attorney is a legal document that allows you to give someone else the authority to make health care decisions for you in the event you are unable to make them for yourself. It is also called a health care proxy or medical power of attorney.

Elective Share. A guarantee under Florida Statute that a surviving spouse receives the minimum 30 percent interest in a deceased spouse’s estate.

Estate. An estate is the bundle of assets and liabilities that you own at time of your death.

Estate Planning Attorney. An estate planning attorney assists clients in drafting and implementing legal documents including wills and trusts and develops a plan to mitigate or avoid estate taxes.

Estate Planning. Estate planning is a legal roadmap that tells judges and heirs exactly how your assets and children should be taken care of after you die.

Estate Tax. An estate tax is a tax placed on the transfer of property after death. It is also called an inheritance tax or a death tax.

Family Plan. A family plan is a will-based plan for those who may not have many assets but who would go through probate. A family plan can be used to ensure that small children are taken care of and that health care directives are followed.

Fiduciary. A fiduciary is one of the various appointed roles that carry a duty of care and loyalty. Examples of fiduciaries are usually the trustee, and generally the other roles such as a power of attorney or guardianship.

Florida Homestead. A Florida Homestead is the residential real estate in Florida that is owned and is identified as the main residence of a Florida resident.

Florida Formal Probate Administration. Generally, Florida Formal Probate Administration is a full petition that will be filed complete with a formal “notice to creditors,” and a full process that will take time to allow all assets to be inventoried prior to a final court order.

Florida Probate Process. Florida Probate Process is a court process in which it is necessary to retitle your estate assets into the names of your beneficiaries. The Florida last will is essentially an instruction sheet for the probate court and must be deemed “admissible” to be allowed to be so.

Florida Resident. A Florida resident is someone who lives in Florida for at least six months and one day of the calendar year.

Florida Revocable Living Trust. A Florida Revocable Living Trust is a contract that passes on your Florida estate assets privately.

Florida Summary Probate Administration. Florida Summary Probate Administration is an option for cases with less than a minimum amount of approximately $75,000 of total assets in an estate or where the decedent has been dead for at least 2 years. This process usually takes less time and is less expensive to file than probate.

Florida Trust Administration. Florida Trust Administration occurs when your designated Florida trustee privately conducts and distributes your assets according to specific terms in the trust.

Guardianship. Guardianship is when an individual – a guardian – is appointed by a judge to have legal custody of a person until the age of majority, or, to have legal custody of a person who cannot manage daily living essentials.

Health Care Surrogate. A Health Care Surrogate is an individual who you designate to make medical decisions for you if you are incapacitated and cannot do so.

Heir. An heir is a person legally entitled to receive part of your estate, either by designation in a Florida will, a Florida Revocable Living Trust, or in Florida state intestacy law if there are no estate documents.

Health Insurance Portability and Accountability Act (HIPAA). The Health Insurance Portability and Accountability Act law was enacted in 1996 to promote medical privacy and allow for portability of health insurance.

Holographic Will. A holographic will is a handwritten will signed only by the testator, but it is not notarized. A holographic will is not recognized as valid in Florida.

Immediate Power of Attorney. An Immediate Power of Attorney allows your designated agent to immediately begin handling your financial affairs.  There are really only two different Power of Attorney in Florida: A Durable Power of Attorney and a Limited Power of Attorney. All are immediate.

Intestate. Intestate describes a person who dies without leaving a will.

Irrevocable Living Trust. An Irrevocable Living Trust permanently and irrevocably gives away your assets during your lifetime.

Jointly Held Property with Right of Survivorship. Jointly held property is property held with the rights of survivorship, either between husband and wife, or, between persons who are not spouses.

Kids’ Protection Plan. A Kids Protection Plan is a legal document created to ensure that your children are never taken from your home by state authorities. You plan and determine who will be selected to raise your children in the manner that you choose. This can also be referred to as a Preneed Guardian.

Liabilities. Liabilities are financial debts or amounts that you owe to third parties.

Living Trust. A Living Trust is a legal document that you create during your lifetime that spells out your exact desires regarding your assets, dependents, and heirs. A living trust allows your successor trustee/executor to carry out your instructions at your death, or if you are unable to manage your financial, health care, and legal affairs due to incapacity.

Oral Will.  An oral will is a will that is made verbally with witnesses present. Oral wills are not recognized as valid in Florida.

Per Stirpes. Per stirpes refers to how your estate will be divided when a beneficiary predeceases a testator. Per stirpes is a designation in an estate that determines whether assets are then split equally among family members, or that a beneficiary’s share of the inheritance will go to his or her living descendants.

Per Capita. Per capita refers to the specific and named distribution of assets in a will when a beneficiary dies before a testator. Per capita distributions can only go to beneficiaries specifically named in an estate.

Personal Representative. A personal representative is the individual, or trust company, or bank that you designate in your will who is charged with overseeing completion of the required probate process. A personal representative is the same as a personal executor or an administrator. The personal representative’s role begins in probate and includes ensuring the payment of debts, taxes, and the distribution of assets to your heirs or other beneficiaries.

Personal Executor. A personal executor is the same as a personal representative or an administrator. It refers to the party named in a will to handle an estate and affairs throughout the probate process.

Self-Proving Will. A Florida self-proving will is signed by the testator and two witnesses in the presence of a notary public, who notarizes (authenticates) the signatures on a will. A self-proving will is one that is readily accepted and entered into probate because it includes an affidavit  that satisfies the requirements under Florida statutes.

Settlor. A settlor is a person who establishes a Florida revocable living trust.

Testate. Testate is a term that describes a person who died with a valid will in place.

Testator. A testator is the person who created a will describing his or her wishes regarding their estate and assets after they die.

Trust. A trust is a fiduciary relationship in which a trustor gives a trustee the right to hold title to property or assets for the benefit of a third party, a beneficiary. A trust is a process for transferring wealth and protecting assets conveniently, privately, and usually without court involvement. A trust provides a clear plan for how your assets and children should be handled after you die. A trust can be created to allow beneficiaries to gain access to assets more quickly than in a will, which must go through the probate process.

Trustee. A trustee is an individual appointed by a settlor to act as the legal owner of the trust assets. A trustee is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust.

Uniform Transfer to Minors Act. The Uniform Transfer to Minors Act Law was enacted in 1995 to allow you to leave assets to a minor by appointing a custodian. In most states, the minor receives the assets at legal age.

Wealth Plan. A wealth plan analyzes how each of your assets is titled or designated. A wealth plan is appropriate for busy families who want the least amount of personal effort and the greatest amount of convenience and care.

Will. A will is a legal document created by you, the testator, designating your final wishes on how your assets should be handled after you die, and can name a guardian to care for minor children. A will must be signed by a testator in front of two witnesses and notarized to authenticate that it’s valid in Florida.