If your loved one recently died, you may have questions about probate. Sorting out issues concerning assets and ownership in Coral Gables probate can be especially tricky.
A probate attorney at The Florida Probate and Family Law Firm can provide sound legal guidance based on years of experience in the local probate courts. We can help you understand the probate process and ensure compliance with all the applicable laws.
What Happens During Probate?
Probate is the process of managing a deceased person’s (decedent’s) property after they die. A judge appoints a personal representative to collect the decedent’s property, pay their debts, and distribute what remains according to the instructions in the decedent’s will. If there is no will, the law determines how the property should be split among the decedent’s surviving family members.
Probate can last a few months if the case is simple. If the estate is complicated, the heirs file objections, or the personal representative must sell the decedent’s property to pay estate debts, it could take several years for probate to close.
Some smaller estates are eligible for a simplified and quicker probate process. Family members in Coral Gables should consult an attorney after a loved one dies to learn about asset ownership and probate procedures in a specific case.
Ownership Determines Whether Property Must Be Probated
The way the ownership of property is structured determines whether the property passes through probate. It does not matter whether the decedent had a will.
Only property that the decedent held solely in their own name must pass through probate. The following property transfers outside of probate:
- Any property held in a revocable or irrevocable trust
- Anything held as a joint tenant with right of survivorship or tenant in the entirety
- Pensions, retirement accounts, and insurance policies with named beneficiaries
- Property (such as a boat or vehicle) with a “transfer on death” designation
- Bank accounts or financial interests with a “payable on death” designation
Many people with significant wealth have planned their estate so that little, if any, of their property must pass through probate.
A personal representative must locate and list all the decedent’s property that is subject to probate. Florida Statutes §733.604 requires the personal representative to file an inventory of all the probate property with the court, including its approximate value at the time of the decedent’s death. It is wise to work closely with an attorney to ensure all assets and property in the inventory are subject to Coral Gables probate.
Special Rules for Specific Property
There are some instances when property that was held in the decedent’s name, and would normally have gone through probate, passes outside of probate. The two most common examples are homestead property and the family allowance.
When the decedent owned a residence and left a surviving spouse, minor child, or both, the residence may have protection from the decedent’s creditors as a homestead. It may be necessary to ask the probate court to confirm that the property is entitled to a homestead designation. An attorney could assist a personal representative in obtaining this designation.
The personal representative has sole access to the decedent’s property while probate in Coral Gables is ongoing. This can cause hardship to family members, so the law permits families to petition the court for an allowance to pay basic living expenses. There must be sufficient funds in the estate to pay the allowance after satisfying higher priority debts, so obtaining a family allowance is not automatic.
For Help Navigating Assets and Ownership in a Coral Gables Probate Case, Call Us Today
Numerous complex issues can arise regarding assets and ownership in Coral Gables probate. Whether you are a personal representative or the deceased’s family member, we can explain your rights and obligations, so contact us today.