When a person passes away, the traditional method for determining who inherits their property is known as formal probate administration. With the help of a judge, the heirs of the decedent can learn whether they are entitled to inherit or if they were left out entirely.
If you are ready to discuss formal probate administration in Pinecrest, there is no time to delay. The sooner you speak with supportive legal counsel, the faster this complex process can conclude. Our respected probate attorneys can provide all the support you need as you deal with the estate from a deceased loved one.
What is the Probate Estate?
Before formal court proceedings can begin, the first step in this process is determining the scope of the probated estate. Not all of the property a person owned or controlled at the time of their death is included in the estate. This is because numerous assets could be distributed through other means immediately after their passing.
For starters, only property owned individually by the decedent will go through probate. If that person owned something jointly with someone else—like the family home with their spouse—the asset would immediately transfer fully to the joint owner.
Estate planning tools can be used to remove property from the estate and allow for seamless distribution outside of the court system. The most popular of these options is the irrevocable trust, which transfers ownership to a legal entity that pays out a person’s beneficiaries upon their death. Other tools can include life insurance proceeds and payable-on-death accounts.
Going into the formal probate administration process, a Pinecrest lawyer can help someone understand what property should actually be included in the estate.
Initiating Probate
Once the parties have identified all property excluded from the estate, the next step is to petition the court for formal administration. If there is a will, the document likely names someone to serve as the executor of the estate. This person is in charge of collecting the assets, dealing with creditors, and ultimately distributing the estate to the beneficiaries. At the end of the process, the executor will file a report with the court outlining all of their actions.
Formal vs. Summary Administration
Formal administration is not the only option available under state law following the death of a loved one. In addition to the traditional approach, the beneficiaries may also be eligible to use the summary probate administration process in Pinecrest.
This option is popular, given that it provides heirs with a streamlined opportunity to resolve any conflicts and secure their inheritance. Although there are benefits for using this approach, not everyone will have the chance to do so.
There are two specific factors that determine if an estate can use summary administration. The first is when a family member died more than two years prior. With so much time having passed, the odds of a challenge are low. This allows for the use of the simplified process. Alternatively, any estate worth less than $75,000 will also qualify.
Talk to a Pinecrest Attorney About Formal Probate Administration Today
There are unique challenges that come with the death of a loved one, particularly when they leave behind a substantial amount of property. Understanding formal probate administration in Pinecrest is helpful for anyone who is named an executor and must fulfill their legal duties. If you are ready to learn more, contact us today for a free case evaluation with The Florida Probate & Family Law Firm.