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7 Cards in this Set

  • Front
  • Back
Homestead - Generally
homestead property is constitutionaly protected from creditors of the owners (see Con Law)
Pretermitted Children - Generally
if the testator omits from his will any of his children born or adopted after the will is executed, the child is entitled to a share of the estate equal in value to what he would have received if teh testator had died intestate

in making up the child's share, the normal rules of abatement apply

in the ordinary case, the pretermitted child's share comes out of the residuary estate
Pretermitted Children - EXCEPTIONS (3)
Three major exceptions:
(1) when the child received an advancement equal to his intestate share
(2) when the child was intentionally omitted
(3) when the testator had other children and devised substantially all of the estate to the child's other parent
Creditor Claims - Generally
FL has a special short statute of limitations that applies to claims against a decedent's estate

its purpose is to permit an expeditious winding up of the decedent's affairs so that the estate can be distributed to the will beneficiaries or heirs without concern for the later assertion of creditors' claims
Creditor Claims - Order of Payment (8)
In insolvent cases, assets are paid to creditors in the following order of CLASSES:
(1) costs, expenses of administration, compensation of PR and their attorneys, and attorneys' fees awarded from the estate
(2) reasonable funeral, interment and grave marker expenses not to exceed $6,000
(3) debts and taxes with preference under federal law, and Medicaid claims
(4) reasonable and necessary medical and hospital expenses of the last 60 days of teh last illness of the decedent
(5) family allowance
(6) arrearage from court-ordered child support
(7) debts acquired after death by the continuation of teh decedent's business (but only to the extent of the assets of that business)
(8) all other claims, including those founded on judgments rendered against the decedent during his lifetime and any excess over the sums allowed for funeral expenses and expenses of last illness under #2 and #4
Abatement Order - Generally
when no provision is made by the decedent regarding payment of claims, or when the assets of teh estate aren't sufficient to pay all of the deceased's debts and also satisfy all of the specific and general legacies in the will, FL law provides an abatement order to determine which legacies must be sacrificed 1st to pay the decedent's debts and expenses of administration
Abatement Order - List/Order
(1) property passing by intestacy
(2) residuary devises and bequests
(3) general legacies
(4) property not specifically or demonstratively devised
(5) specific and demonstrative legacies