Do you know what happens to your belongings after you pass away? As a practical matter, they need to be addressed. It can be tough to think about, but you need to decide what happens to the real estate estate you own, investments, and other financial assets. With your estate planning documents in order, you make it easier for the executor to begin the probate process. From acceptance of a will to distributing assets, learn about the probate process.
What Is Probate in Florida?
Probate is the legal process that takes place after an individual dies. It includes several steps from taking inventory of the deceased individual’s assets, acceptance of a will, paying creditors, and distributing the remaining assets. The court supervises the process to ensure all estate, tax, contract, and property laws are followed.
Two Types of Probate
There are two types of probate in Florida. The one used will depend on the size of your estate. The first option is Formal Administration, the standard probate process. The second option is Simplified Administration for smaller estates. There is also a third estate administration process that skips probate called disposition without administration. For very small estates with no real property ownership. The heir can simply petition the court for the transfer.
Formal Probate Administration
If the deceased person named an executor, that individual becomes responsible for managing the estate and probate process. The executor will begin the probate process by submitting the will to the local court. Florida law requires that you do this within ten days of the person’s death. The court will validate the will, and then you can petition the court to begin the probate process. This is also when you receive authorization to act as the administrator.
This is when the work begins. You will need to contact the beneficiaries listed in the will and let them know probate has begun. You will also need to gather and inventory all assets. The court gives you 60 days to do this and submit an itemized list to the court. Record the asset, value, debts, bills owed, and outstanding taxes.
The probate court requires that debtors get paid first. This is done out of the estate’s cash resources or by selling large assets. Once all of this is done, you can petition the court for approval to distribute the remaining assets. With the court’s approval, you can distribute the remaining assets in accordance with the will. Once the estate’s assets are distributed and all outstanding matters are handled, you can close the estate.
If the deceased does not have a will, then their assets will be distributed in accordance with intestate laws. These are laws that outline who the beneficiaries are.
Simplified Probate Administration
Smaller estates may not require a full, formal probate procedure. This is when the summary process will be used. During this process, the deceased’s assets can get transferred directly to the beneficiaries without having to go through the cull court probate process. Because of this, the process takes significantly less time. Qualifying estates are valued at less than $75,000, and it has been less than two years since the date of the deceased’s death.
In this situation, the executor petitions the court for a summary administration. The petition will need to be signed by the deceased’s spouse and all of the beneficiaries. Everyone needs to agree that the summary administration is the best option. As the executor, you will still need to notify the creditors and arrange for payment. If the court approves the summary administration, you can make payment arrangements with the creditors and transfer the assets directly to the beneficiaries.
Prepare Your Will for Probate
Preparing your will and estate documents will make probate administration significantly easier for the loved ones you leave behind. It acts like a road map that tells them your wishes for your assets. Speaking with an estate planning attorney can give you insight into your options. They can help you determine the best method for handling your estate to ensure your assets get transferred to your desired beneficiaries.
Schedule a consultation with our team of attorneys to discuss your will and estate plans.
