While there is more than one way to approach probate administration, the most common type is formal probate administration. Even though “formal” probate might sound like it could be time-consuming, this process can go smoothly with the help of a dedicated probate attorney.
When you have questions about probate and your role in it, a dedicated law firm can provide the answers. Let one of our experienced attorneys assist you with formal probate administration in West Miami.
When is Formal Probate Administration Necessary?
Whether or not formal administration is necessary depends in part on the value of the estate in question. Specifically, it may be necessary to go through formal probate administration when the non-exempt assets of the estate are valued at $75,000 or more.
The word “non-exempt” is important, as exempt assets do not count for that $75,000 threshold. Non-exempt assets are usually things owned entirely by the decedent, like bank accounts that are only in their name.
There are also situations where formal probate administration in West Miami is necessary for estates that would not otherwise qualify. For example, a last will and testament that requires the estate to go through formal administration cannot bypass the process.
Filing a Petition for Formal Administration
The right to file a petition for formal probate administration is not limited to one individual or entity. According to Florida law, any interested party may file a petition and start the process.
State statutes define an interested party as any person who could reasonably be impacted by the outcome of the probate case. This could include beneficiaries, creditors, or even someone left out of the will (if one exists) who believed they were in line to inherit. Someone named in the will as the personal representative is also considered an interested party and they frequently file petitions for formal administration.
Requirements for a Petition
There are requirements that a person must meet when they file for formal probate administration in West Miami. For starters, the petition must be verified. A verified petition is one where the writer swears under oath that the contents of the document are both accurate and true. The petitioner must also provide a statement of interest that includes vital information like their name, address, and their interest in the estate.
A petition should also include a statement of the assets of the estate, including any real property, and the approximate value of these assets. There are additional requirements depending on whether the decedent passed away with a will in place or not.
Making a mistake during the process of filing a petition can have notable consequences. These errors could delay the process significantly, especially if it leads to litigation. Given how important this process is, the best course of action is to rely on legal counsel to assist with formal probate administration.
Talk to an Attorney About Formal Probate Administration in West Miami Today
If your loved one’s estate is going through the formal probate administration process, you can benefit from speaking to the team at The Florida Probate & Family Law Firm. In this difficult time, it is important to have legal counsel at your side to assist with the details. Reach out today and schedule a free case consultation to discuss formal probate administration in West Miami.