When someone dies, the state has a process of transferring their property. Probate is a legal process that ensures that the deceased person’s bills are paid, and their assets go to the people they intended.
There are two forms of asset administration in Coral Way probate. A trustworthy probate attorney can advise you on the process that is appropriate in your case, and ensure that probate proceeds efficiently.
Probate Fundamentals
Probate distributes the property someone owned solely in their own name after they die. Anything the deceased person (decedent) owned jointly with someone else passes directly to the co-owner and does not have to go through probate. Property with a named beneficiary does not need to go through probate either.
Florida Statute § 732.402 exempts certain other property from probate. The decedent’s family can claim furnishings and appliances in the decedent’s residence up to a value of $20,000, and two vehicles each weighing less than 15,000 pounds. The family is also entitled to the decedent’s homestead.
The value of the property that must go through probate is called the probate estate. An attorney in Coral Way can help a family value the probate estate to determine what form of asset administration is proper in their specific case.
Small Estates May Qualify for Simplified Process
When the probate estate is worth less than $75,000, the family can use the summary probate administration process. Even a well-off person could leave a small probate estate if their wealth was concentrated in their homestead, life insurance, retirement accounts with a beneficiary, or trusts. Regardless of an estate’s value, when a decedent has been dead more than two years, summary administration is appropriate.
One of the decedent’s family members or another interested party files a petition with the probate court asking for summary administration. An attorney can help a family member prepare the petition, which must identify the decedent, their date of death, and their heirs. If the decedent died less than two years prior, the petition also must list the decedent’s assets and debts.
When a probate court allows summary administration, the process of asset administration can usually be completed within a few weeks. However, this is only appropriate when a decedent’s estate contains enough cash to pay their debts. When property must be sold to satisfy the decedent’s creditors, formal probate administration may be necessary.
Formal Probate Administration Requires More Time
When the value of a decedent’s probate estate is $75,000 or more, the family must go through the formal probate administration process. An interested party—usually the executor of the decedent’s will or one of the decedent’s family members—must petition the court to open formal administration.
The court will formally name the executor or a family member to be the personal representative of the estate. The personal representative must collect and value all the decedent’s probate assets, collect any debts the decedent was owed, and pay the decedent’s creditors. When there is not enough cash in the probate estate to pay the decedent’s bills, the personal representative may need to sell some of the decedent’s property to raise the cash.
It can require a year or more to complete formal administration. A personal representative or a beneficiary could work with a Coral Way attorney to ensure asset administration proceeds as quickly as possible.
Contact a Coral Way Attorney for Help with Asset Administration Today
Managing an estate’s assets can be complicated. Even when you can use the streamlined process, you still should get legal advice. The Florida Probate & Family Law Firm works with personal representatives, family members, and other beneficiaries to ensure probate moves forward smoothly. Reach out to schedule a complimentary case evaluation concerning asset administration in Coral Way.