12
Currents
May 2017
> continued from page 11
on death,” “transfer on death,” or “in trust for.”
Similarly, if a person has a brokerage account either
Prices subject to change
FRI.
in joint names or with a named beneficiary, that
TUES. WED. THUR.
without notice
SAT.
account will not have to be probated but will go
SHAMPOO, SET or BLOW STYLE.....$15.00 $15.00 $16.00 $18.00
HAIRCUT.........................................$14.00 $14.00 $15.00 $16.00
automatically to the beneficiary upon the death of
AND
TOUCH-UP SINGLE PROCESS.........$22.00
$22.00 $22.00 $22.00
UP
the account holder. Therefore, it is possible to avoid
probate on most assets by simply designating benefi-
MANICURES .....$11.00
Tue. & Wed. Special
ciaries.
PEDICURES ......$17.00
Mani/Pedi Combo $25.00
However, real estate is different. It is not advis-
FULL SET NAILS, GEL $30.00 and Up FILLS $15.00
able (for legal and tax reasons) to add children's
POLISH CHANGE $6.00
names to a Deed. If a home is owned jointly by a
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husband and wife and they both die, their heirs will
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need to go through the probate process. While the
ESTABLISHED AT THE SAME LOCATION FOR 32 YEARS
property is tied up in Probate, expenses must con-
REFERENCE PRICE LIST
NOUS PARLONS FRANCAIS
tinue to be paid. This includes taxes, maintenance,
utilities, etc.
Probate in Florida generally lasts about a year. It
involves filing the original Will (if there is one) and
preparing initial pleadings requesting that the Court
appoint the Personal Representative designated in
the Will in a court Order called “Letters of Adminis-
From
tration.” Once the Letters of Administration are
issued, it is required that there be a publication in
the newspaper, primarily so that
any creditors can put in a claim
against the Estate. This would
include credit card debt, unpaid
hospital and doctor bills, unpaid
funeral expenses, etc. Florida law
requires that no assets can be dis-
tributed for the first ninety days
from the date of first publication.
If the only asset that is being pro-
Kitchens, Bathrooms &
bated is the home of the
deceased, the Court can be peti-
Full Interiors
tioned to declare the property
homestead, thereby exempting it
from claims of creditors.
Florida Law entitles an attor-
ney to charge up to 3% of the
gross value of the assets that are
being probated. A lawyer can
charge less than the 3% but not
Palm-Aire Resident
more if the fee is based on a per-
centage. Lawyers can also charge
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an hourly rate if the client (the
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Builders of Fine Custom
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continued on page 13 >