Today we will cover the Florida probate estate process and five essential things that you should know. Probate is the legal process of settling what will happen to a person’s finances and estates after they pass. The attorneys here at Millman Law Group PLLC can assist with the administration of an estate. We can also help if heirs have concerns or disputes with other heirs or the personal representative. Allow us to elaborate on these five basics that you need to know about the Florida probate estate process.
There are Various Types of Probate Estates
The type of probate all depends on a person’s assets at the time of death. If the deceased wasn’t a real estate owner, and their property is worth less than $75,000 (not including the value of the primary residence in Florida), you can file a shortened form of probate deemed Summary Administration. A formal administration is another type of probate estate, which is the most common. It is the formal process of asset distribution and debt payment of the deceased.
Not Every Asset Will Pass Through Probate
The personal representative is the person who will identify and secure the assets subject to the probate estate. Assets that designate a beneficiary, such as life insurance policies and retirement accounts, pass directly to beneficiaries. Assets held in trust also typically do not pass through probate, and some property with co-ownership may not be subject to probate.
Without a Will, Estates Are Subject to Probate
If a person passes on without a will, an estate may still be necessary to distribute assets and pay debts. Florida’s intestate laws control estates where a person passed on without having a will. These laws govern the asset distribution to heirs following a statutory priority.
You Have to Deposit the Original Will in Ten Days to the Courts
Once a person passes on, the person with the original will has ten days to deposit it to the court in the county where the decedent last lived. Doing so does not automatically open an estate. The court will hold the will, and if a person died owning property that requires probate, the personal representative named in the will needs to file a petition with the probate court to open an estate.
The Florida Probate Estate Process Involves a Lot of Steps
If you are the personal representative listed in the will, here are a few among the many steps that you have to take to probate an estate:
- Petitioning to open a probate estate
- Identifying and securing the property of the estate
- Selling assets as directed by the will
- Distributing assets as required by the will, statute, or court order
- Paying the costs of administering the estate
MILLMAN LAW GROUP PLLC MAKES THE FLORIDA PROBATE ESTATE PROCESS LESS DAUNTING
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.