Seminole Estate Administration Lawyer
Probate is the process by which a deceased person's property, known as the "estate," is passed to his or her heirs and legatees (people named in the will). The entire process, supervised by the probate court, usually takes less than a year. However, substantial distributions from the estate can be made in the interim.
The emotional trauma brought on by the death of a close family member often is accompanied by bewilderment about the financial and legal steps the survivors must take. The spouse who passed away may have handled all of the couple's finances. Or perhaps a child must begin taking care of probating an estate about which he or she knows little. And this task may come on top of commitments to family and work that can't be set aside. Finally, the estate itself may be in disarray or scattered among many accounts, which is not unusual with a generation that saw banks collapse during the Depression.
A great deal can be said about probate. First, there is a great public misperception about it. Probate is not any kind of tax on your estate and it is not an excuse for "the State" to get its hands on your assets. It is not necessarily expensive and it may not take as long as some have perceived. Most people do not even know what probate is, but they sure know they want to avoid it.
Probate, by definition, is the process where your estate is distributed after payment of creditor's claims. This is a Court process to distribute your assets according to your wishes while wrapping up any of your loose ends. The costs, while they may add up, are not nearly what many think. There are usually Court costs of less than $500 (filing fees, bonding, etc.) depending on the size of the estate.
You will need to hire an attorney to probate the estate. An attorney is paid according to the statutory guidelines of §733.6171, Florida Statutes. While there are no set fees under the statute, a typical attorney's fees can be estimated at 3% of the decedent's probate estate.
One matter to remember is that probate rarely takes place when the first spouse dies in a married couple. The reason for this is that most couples hold their assets jointly so that when one spouse dies, all assets pass to the survivor thereof. Another matter of importance is that probate only covers assets held in the decedent's own, individual name. Thus, probate does not necessarily cover IRAs, 401ks, life insurance and jointly held assets.
There are two types of probate administrations in Florida: The Summary Administration and the Formal Administration.
The Summary Administration is used when a decedent's probate estate is worth less than $75,000 and the estate has no creditors. This type of administration typically takes about a month, but it has many limitations and is not available in all situations.
The Formal Administration is used when the decedent's probate estate is worth more than $75,000 and in other situations. The formal process usually takes at least 6 months, depending on the complexity of the estate. This process involves the appointment and bonding of the Personal Representative, the publication of the notice to creditors that gives potential creditors ninety (90) days to make claims against the estate.
To schedule an initial consultation to probate and estate administration, call us at 727.475.6680 or contact us online any time.
