Power Of Attorney Without Will
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How to fill out Florida Durable Power Of Attorney For Property, Finances And Health Care?
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FAQ
For most people, the best option is to have a general durable power of attorney because it gives your agent broad powers that will remain in effect if you lose the ability to handle your own finances. An attorney can customize a general POA to limit powers even more?or add powers, Berkley says.
After someone dies, someone (called the deceased person's 'executor' or 'administrator') must deal with their money and property (the deceased person's 'estate'). They need to pay the deceased person's taxes and debts, and distribute his or her money and property to the people entitled to it.
In general, the executor of the estate handles any assets the deceased owned, including money in bank accounts. If there is no will to name an executor, the state appoints one based on local law.
The order of priority is any surviving spouse or domestic partner, then a child, then a grandchild, then a parent, and then a sibling. A judge will need to decide which person has priority.
A testamentary trust is created to manage the assets of the deceased on behalf of the beneficiaries. It is also used to reduce estate tax liabilities and ensure professional management of the assets of the deceased.