The passing of a loved one is an emotional and stressful time for grieving family members. With it often comes the handling of the deceased’s estate and distribution of assets. Whether your family member died with a will or not, asset administration in West Miami probate can be a complex and time-consuming process. Our experienced probate attorneys can help you gather information, manage an estate, and distribute assets according to your loved one’s wishes and in compliance with state law. To learn more about asset administration, call our legal team today to schedule a consultation.
What Is Asset Administration?
Asset administration involves managing and distributing a decedent’s assets through Florida’s probate courts, or privately when probate is not required. State law requires a personal representative to be appointed under Florida Statutes § 733.301. The personal representative, sometimes known as an executor, must identify, secure, and protect an estate’s assets during a probate case. Key tasks in asset administration for West Miami probate cases include:
- Identifying assets: A personal representative must locate all assets to be distributed through probate. This includes real estate, bank accounts, investment accounts, vehicles, boats, collectibles, and all items of value that belonged to the decedent.
- Valuing the estate: Property in the probate estate must be accurately valued and appraised so the probate court knows how to distribute it.
- Resolving creditor claims: Under state law, creditors such as tax agencies and lienholders must be notified of the probate estate and given an opportunity to file claims. Priority of creditor claims is determined under Florida Statutes § 733.2121.
- Distributing assets: After time has passed for creditors to make claims against the estate, assets can be transferred to beneficiaries in accordance with a decedent’s will or state law. The personal representative can distribute such assets with the help of an experienced attorney.
Not all assets pass through probate, and a lawyer can help determine what is included and what is not. For example, jointly held accounts, life insurance policies, and real estate where a second owner has rights of survivorship do not need to go through probate. Assets held in a trust are also typically exempt from the probate process because they are covered by the decedent’s estate planning documents.
Steps Involved in Asset Administration
Understanding the steps involved in asset administration during West Miami probate will help to ensure the transition happens without unexpected delays and costs. A knowledgeable lawyer can assist with the following steps:
- Filing a Petition for Probate: The personal representative will file the required legal documents to open a probate estate in the county where the decedent resided. Under state law, personal representatives must have an attorney unless certain exceptions apply. Personal representatives are appointed by the probate court to oversee the administration of assets.
- Inventory of the estate: A full list of property and assets, with their values, must be given to the probate court.
- Distribution of assets: Once debts and costs have been paid and the court authorizes transfer of assets, the personal representative can then divide that property as required.
Probate law can be complex for those dealing with the process for the first time. Whether you are a personal representative, family member, or other beneficiary, an attorney can help you understand your options.
Speak with a West Miami Attorney to Learn More About Asset Administration
Asset administration in West Miami probate can be stressful and confusing for family members grieving the loss of a loved one. A knowledgeable attorney at The Florida Probate & Family Law Firm can help simplify the process and ease your burden as you navigate the probate process. Our dedicated legal team stands ready to answer your questions. Call today to schedule your consultation.