Intestate Succession

This post is intended to give a brief explanation of the use of a Will in transferring property at death. Use this post in conjunction with my posts on the Enhanced Life Estate Deed, the Revocable Transfer On Death Deed, Life Insurance Proceeds, Beneficiary Deed and the Lady Bird Deed.

What Is A Will?
A Will is a document you can execute which transfers property to your beneficiaries when you die. A Will may be revoked or revised at any time up until the moment you die. It does not grant any beneficiary a right to your property until you die. The downside is that your beneficiaries are usually required to wait a period of time after your death before they can apply for ownership of your property.

Probate Administration
Probate Administration is a process whereby a personal representative is designated to administer your estate. You may (and probably should) designate a personal representative in your Will. It would be wise to designate multiple back up personal representatives should the person you originally designate be unable or unwilling to perform.

Probate administration requires the determination of your heirs or devisees as well as the settlement of your debts and taxes. The process involves court oversight for resolution of disputes. All proceedings are a matter of public record and, therefore, may be subject to public scrutiny. The process usually takes at least six (6) months after the decedent’s death and the cost is usually based on the value of the estate involved.

Small Estate Proceedings
If your estate is of relatively small value, it may pass by Will without probate administration. The gross value is usually placed at less than $100,000 to be eligible for small estate proceedings. Real property beneficiaries are usually required to wait a period of time before they can use this procedure (usually around six (6) months) to give other potential claimants or creditors time to file a claim against the property.

Caution
There are a number of requisites that must be met before a Will can be valid. Each state has different requisites. If your will is not executed with the requisite formalities your state will most likely not recognize the Will and it will then become subject to intestate succession. Be sure to contact an Estate Planning attorney when preparing your Will.

A Shout-Out To My Boys

Every now and then I use this blog to post something family related. This is one such post.

Stephen's Latest Triumph
About a year ago my oldest son Stephen (now 10) was disappointed when he was passed over for the All-Star Soccer Team. He had worked hard on his soccer skills the previous summer and had certainly improved as a player. If I had to guess, I'd say he was probably on the bubble last year to make the team.

But this year was different. After last year's disappointment, Stephen again worked hard on dribbling, passing and blasting the ball. He scored an average of 2 goals each game in his league and was one of the first kids picked for the All-Star Team. His All-Star Team made it to the district championship game which determined which team was to go to the state tournament.

The team they played against in the championship game was very good. Within 5 minutes the other team had scored three times. At halftime the score was 4-0. Let me say here that this is not one of those triumphant comeback stories you see in the movies. No, when the whistle blew to end the game the final score was 7-1. The one point our team did score was scored by Stephen. Although I am certain Stephen would have traded his score for a win it was nice to see him juke the fullback and blast the ball into the corner of the net.

Jacob's Latest Triumph
Yesterday my 7 year old son, Jacob, brought home an award with the words New School Hula Hoop Record - 49:18. I thought it a little odd that the school had a Hula Hoop Record and that noone had been able to hula hoop for longer than a minute. I congratulated Jacob on his triumph and he said "Dad, can you believe I hula hooped for 49 minutes and 18 seconds." I told him it was 49.18 seconds; not 49 minutes 18 seconds.

Jacob continued to insist that it was in fact 49 minutes but neither my wife nor I really thought he knew what he was talking about. I mean he is a first grader and what do they know. I reasoned that even if it were possible for him to hula hoop for 49 minutes, no teacher would stand there and let some 1st grader keep hula hooping when there were other subjects to teach.

This morning when my wife dropped Jacob off one of the teachers approached the van and asked her if she was proud of Jacob hula hooping for 49 minutes. The teacher said she had actually watched him set the record and that she had even fallen asleep at one point. Boy did I feel stupid when my wife called and told me that Jacob was right all along. Jacob won't let us get out of this one without eating a little crow.

A Good Time to go to Law School

A recent poll taken by the Florida Bar shows the average income of lawyers in Florida has risen to $110,000 during the past two years. That is up from $100,000 in 2003. The rise in income does not appear to be the result of additional hours at the office. The same poll showed that private practice lawyers spent around 50 hours per week in the office in 2005-2006. That number is roughly the same as those reported for the last six (6) years.

Other income statistics of note show the following median incomes for the corresponding years: $85,000(2001); $82,000(1999); $75,000(1997).

A good time to go to law school! Might I put in a plug for my Alma Mater, Florida State University.

Child Labor Law: Florida

I went to high school in Tallahassee, Florida. When I was in High School my parents gave me the option of either playing in the band, playing sports or getting a job. I chose the band my freshman year and sports the other three years. It's crazy how having my skull mashed in playing football and having my arms wrenched out of the sockets on the wrestling team were more appealing than getting a job; but such was the case.

When it finally came time for me to get a job I went to the local recreation department and hired on as a part-time umpire. Not exactly what my parents had in mind. I used to tell them that the Child Labor Law prohibited me from doing anything more taxing (as if 3 hours standing in the hot sun for marching band rehearsal was easy). But what does the Florida Child Labor Law really say?

Minors Under 18 Years Old
Florida's Child Labor Law applies to workers under the age of 18. It prohibits such minors from working in hazardous occupations like construction, electrical work, roofing, mining, excavation, or operating heavy machinery. It also prohibits minors from working around explosives. So much for Mr. Garth's science class.

Minor Work Hour Restrictions
Unless exempted, minors cannot work during school hours. One of the exemptions includes a DCT class my wife (then girlfriend) took that allowed her to earn high school credit while working with a draftsman and getting paid for it. Minors 14 and 15 can only work 15 hours per week when school is in session. Minors 16 and 17 may work up to 30 hours per week when school is in session.

When school is out, minors 14 and 15 may work 40 hours per week, eight hours per day between 7a and 9p. Minors 16 and 17 may work as many hours as they choose when school is not in session.