Florida is undoubtedly a great place to live because of its warm temperatures, fun places to visit, and culturally diverse atmosphere. All of these factors contribute to why many people eventually settle in Florida. However, as a resident of this state, you must be informed about some key legal considerations. One such consideration is the probate process applicable in the state.
Losing a loved one to death can be a difficult situation that can be compounded when you have to go through a complex probate process. This article examines some key legal considerations around probate in Florida. A local probate attorney can help you understand how it works and guide you through every stage of the process.
Starting from the Basics: What Is Probate and How Does It Affect You?
During a person’s lifetime, the chances are that they have gathered some properties or other types of assets. Upon their death, you cannot just identify and claim their assets. Instead, a court-defined procedure must be followed to select and gather the assets of the decedent. This process, which is laid down and supervised by the courts, is referred to as probate. The probate process also covers steps to clear the deceased’s debts, if any, and ensure that the beneficiaries get their share of assets as defined in the deceased’s last will.
Why Is Probate Necessary in Florida?
If you are unfamiliar with the probate process, you may not understand its necessity. However, over time, it has proven to be necessary for several reasons. A notable reason is that it helps ensure the assets of a deceased person are passed to the beneficiaries in the absence of a will. While this is not always advised, some people do not leave a will. Usually, this creates a complex situation and makes it difficult to distribute their properties and assets.
If not properly managed, this can result in long-term family chaos and oppression of those who should have been beneficiaries. However, to avoid this situation, a court-supervised process can be initiated to identify all properties the deceased might have owned during their lifetime. This process also helps to ensure that ownership of identified assets is transferred to the deceased’s dependents.
Another reason the probate process in Florida is necessary is that it facilitates the estate administration process. When this is done, all creditors of the deceased are identified by the probate process and paid. Also, steps are taken to ensure the deceased’s financial affairs are finalized to avoid future debt claims.
The Summary and Formal Administration In the Probate Process
The summary administration probate process is more straightforward and involves fewer tasks before the probate is finalized. In Florida, a $75,000 threshold of assets usually qualifies for the summary administration. The entire process usually takes around two years to complete. It requires the court’s approval for asset transfer but does not require court supervision.
However, where the deceased’s assets exceed $75,000, the appropriate probate type is formal administration. Here, eight different processes must be followed to the end before the process can be said to be completed. These involve:
- Submitting the will to a local court within ten days of death.
- Filing of the probate process when the will is deemed valid.
- Authorization of the probate process by the court.
- Contacting listed beneficiaries in the will.
- Taking inventory of all assets, including their value, within 60 days.
- Settling outstanding payments identified in the inventory-taking process.
- Getting permission from the court to distribute assets as provided for in the will.
- Writing a petition to the court to close the deceased’s estate and complete the probate process.
Conclusion
Successfully navigating the complexities of Florida’s probate process often necessitates seeking guidance from a professional well-versed in its intricacies. A probate filing fee must be paid to get a probate file number. If you are confused about part of the process, you can speak to a probate lawyer in Florida.
