If you have ever wondered what happens to your property and assets when you die, you need to know about Florida probate laws.
Probate is the legal process that transfers the ownership of your estate to your beneficiaries or heirs after your death. It can be complex, time-consuming, and costly, depending on the size and nature of your estate. However, it can also be a way to ensure that your wishes are respected and that your loved ones are protected.
Below, we will explain some of the key aspects of Florida probate laws.
Probate Assets and Why They Matter
Probate assets are assets that you own in your sole name at the time of your death or that you own with others without a provision for automatic succession of ownership at death, such as:
- A bank account in your name only,
- A house that you own as a tenant in common with someone else, or
- A life insurance policy payable to your estate.
Probate assets matter because they are subject to the jurisdiction and supervision of the probate court. This means that they cannot be transferred to your beneficiaries or heirs without going through the probate process, which involves:
- Filing a petition,
- Appointing a personal representative,
- Notifying creditors and beneficiaries,
- Paying debts and taxes, and
- Distributing the remaining assets according to your will.
The Different Types of Probate Administration in Florida
Florida probate laws provide for two main types of probate administration: formal administration and summary administration.
Formal administration is the most common and comprehensive type of probate administration in Florida. It is required for estates that have more than $75,000 worth of probate assets or that have any claims from creditors.
Formal administration involves:
- Filing a petition for administration with the appropriate probate court.
- Admitting the will (if any) to probate and appointing a personal representative (also known as an executor or administrator).
- Issuing letters of administration to the personal representative, which grant him or her the authority to act on behalf of the estate.
- Publishing a notice to creditors in a local newspaper and sending a notice to all known creditors of the estate.
- Filing an inventory of the estateās assets and liabilities with the court.
- Paying valid claims from creditors and expenses of administration using the estateās funds.
- Filing tax returns and paying any taxes due using the estate funds.
- Filing an accounting of all receipts and disbursements of the estate with the court.
- Distributing the remaining assets to the beneficiaries or heirs according to the decedentās will.
- Filing a petition for discharge with the court and closing the estate.
Formal administration can take anywhere from six months to several years, depending on the complexity and size of the estate, the number and nature of creditor claims, and whether there are any disputes among the interested parties.
Summary administration is a simplified and expedited type of probate administration that is available for estates that have less than $75,000 worth of probate assets or in cases where the decedent has been dead for more than two years.
Summary administration involves:
- Filing a petition for summary administration with the appropriate probate court.
- Submitting a copy of the will (if any) and a list of all assets and liabilities of the estate.
- Obtaining consent from all beneficiaries or heirs (or waivers from those who do not consent) to summary administration.
- Obtaining consent from all creditors (or waivers from those who do not consent) to summary administration or showing that there are no creditor claims against the estate.
- Obtaining an order from the court granting summary administration and directing distribution of the assets to the beneficiaries or heirs according to the decedentās will.
Summary administration can be completed within a few weeks or months, depending on how quickly all consents or waivers are obtained and how busy the court is.
The Responsibilities of a Personal Representative
A personal representative is a person or entity appointed by the court to administer the estate of a decedent. The personal representative can be named in the will or nominated by the beneficiaries or heirs if there is no will. The personal representative must be a Florida resident or a spouse, sibling, parent, child, or other close relative of the decedent, or a trust company or bank authorized to do business in Florida.
The personal representative in a probate case has many responsibilities, such as:
- Gathering and protecting the estateās assets.
- Notifying and communicating with the beneficiaries or heirs, creditors, and other interested parties.
- Hiring and supervising professionals such as attorneys, accountants, appraisers, and realtors to assist with the estate administration.
- Paying any required fees and taxes as well as any valid debts and expenses using the estateās funds.
- Filing reports with the court and other agencies.
- Distributing the remaining assets to the beneficiaries or heirs according to the decedentās will.
- Closing the estate and obtaining a discharge from the court.
The personal representative has a fiduciary duty to act in good faith, with due care, and in the best interests of the estate and its beneficiaries or heirs. Also, the personal representative is entitled to reasonable compensation for his or her services and reimbursement for his or her expenses from the estateās funds.
Worried about Complying with Florida Probate Laws? Jurado & Associates, P.A. Can Help You
If you need help with any aspect of probate in Florida, whether it is opening, administering, closing, or challenging an estate, you can count on Jurado & Associates, P.A. We are a team of experienced and dedicated attorneys who specialize in probate law and can guide you through every step of the probate process with professionalism, compassion, and efficiency.
You can reach us by phone at (305) 921-0976, by email at [email protected], or by WhatsApp at +1 (305) 921-0976.
