What is Probate?
Probate is the legal process of administering a deceased person’s estate in the State of Florida. The purpose of Probate is to ensure that the deceased person’s assets are transferred to their heirs or beneficiaries at the conclusion of Probate, according to their wishes, or in the absence of a valid will, according to Florida’s intestacy laws.
The Probate Process in Florida Typically Includes the Following Steps:
1. Filing a Petition for Administration
The first step in the Probate process is to file a petition with the court to open Probate. The petition must include information about the deceased person’s assets and debts, as well as the identities of their heirs and beneficiaries.
2. Appointment of Personal Representative
The court will appoint a Personal Representative (also known as an Executor) to manage the Probate process. The Personal Representative has the authority to collect the deceased person’s assets, pay their debts, and distribute their remaining assets to their heirs and beneficiaries, amongst other things.
3. Notice to Creditors
Once the Personal Representative has been appointed, they must give notice to the deceased person’s creditors, allowing them an opportunity to make claims against the estate, in order to satisfy their claims.
4. Inventory and Appraisal
The Personal Representative must prepare an inventory of the estate’s assets, which contains the fair market value (or conduct appraisal, if necessary) of said assets. The report must be filed with the court.
5. Payment of Debts and Taxes
The Personal Representative is responsible of paying the deceased person’s valid debts and taxes out of the assets of the estate.
6. Distribution of Assets
Once all of the debts and taxes have been paid, the Personal Representative will distribute the remaining assets to the deceased person’s heirs and beneficiaries.
Summary
In Florida, the Probate process can be time-consuming and expensive, and can take several months to a year or more to complete. However, there are several ways to avoid or minimize Probate, such as creating a Living Trust, naming beneficiaries on certain assets, or holding property as Joint Tenancy With Right of Survivorship, just to name a few.
What if I Need More Information About Probate?
If you are interested in a speaking with a Florida Probate Attorney, kindly call our office anytime (24/7) at 813-897-0295, and schedule your consultation to speak with a local Probate Attorney.
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