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The probate process also provides a mechanism for payment of outstanding debts and taxes of the estate, for setting a deadline for creditors to file claims (thus foreclosing any old or unpaid creditors from haunting heirs or beneficiaries) and for the distribution of the remainder of the estate`s property to one’s rightful heirs.
Question #3 How long does probate take?
The duration varies with the size and complexity of the estate, the difficulty in locating any beneficiaries of the Will, if there is one, and under law.
If there is a Will contested, or anyone objects to any actions of the personal representative, the process can take a long time. In this case, seeking an probate litigation attorney is important.
Question #4: What type of probate is required:
There are different types of Probate: Summary Administration or Formal Administration. A Summary Administration is a shortcut to the full probate proceeding and can only happen when the death occurred more than two years before the filing of the Petition or all the property involved in the probate is not more than $75,000. With a Summary Administration, the court does not appoint an executor, but instead issues an order releasing the property to the beneficiaries. A Summary Administration is faster and cheaper than a Formal Administration.
A Formal Administration, however, requires the appointment of a personal representative a/k/a executor (usually named in the Will), allows the beneficiaries or other interested parties to object to the Will, notifies creditors and provides a certain amount of time for those creditors to submit their claims so that they can be
paid before any beneficiary receives his/ her inheritance. Probate can be costly depending on the size of the estate, the number of creditors and the number of beneficiaries or interested persons who raise objections to the Will.
There is also a process called “Disposition without Administration” for extremely small estates.
Question #5 Who is responsible for handling probate?
In almost all probate cases, a Florida Probate Lawyer is required, unless it is an extremely small estate (“distribution without administration”) or where the personal representative is also the sole beneficiary. The personal representative is the individual responsible for “settling the estate.” He/She must identify all the assets, publish a Notice to Creditors, serve the Notice of Administration, object to improper claims, pay valid claims, taxes and distributed the inheritances. Additionally, the personal representative employs the proper professionals to assist with administering the estate, and ultimately closes the estate. All this is usually done with the assistance of the lawyer.
Question #6 Should I plan to avoid probate?
Probate in Florida can be time consuming and costly. It is not difficult to set up your assets to ensure that your loved ones can avoid going through the probate process. Seeking the advise of an attorney can help you properly plan and give you peace of mind.
Question #7 What if my loved one died without a Will?
If your love one died without a Will (known as dying “intestate”), the Florida Probate Code controls who will inherit the assets. This is known as dying intestate and the
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