In Florida, There Are Three Types Of Probate
Losing someone you love is one of the hardest things you will ever go through. During this difficult time, you should not have to worry about navigating the legal process for administering the estate they left behind. In Florida, the probate process can quickly become complex. For example, many people do not know that there is more than one type of probate in the Sunshine State. Below, our St. Petersburg probate and trust administration lawyer explains the three types of probate in Florida.
Formal Estate Administration
Formal estate administration is a process that is always time-consuming. The simplest cases will take months, while complex estates can take one year or more to probate. Of all the different types of probate, formal estate administration is also the most costly. Estates that qualify for formal administration are those that are valued at $75,000 or more, excluding exempt property. The probate process must also begin within two years of the deceased’s passing.
Not all assets within an estate must go through probate. Jointly owned real estate, joint bank accounts, and life insurance policies with named beneficiaries are just a few types of assets that do not have to go through probate.
Summary Estate Administration
Summary estate administrations happen more quickly and are less costly. If two years or more have passed since your loved one passed away and the value of the estate is less than $75,000, including exempt property, the estate is eligible for summary administration.
Any person with an interest in the estate can file a petition with the court during summary estate administration. The petition includes a listing of all the assets within the estate and a plan to distribute them to beneficiaries. If the petition meets all the necessary requirements, the court will typically approve the plan and the process of distributing the assets can begin.
Ancillary Estate Administration
If your loved one did not live in Florida but they had property here, ancillary estate administration might be sufficient. The majority of the assets distributed during the probate process will take place in your loved one’s state of residence. Ancillary administration only handles assets that are located in Florida, such as a vacation home. Neither the personal representative nor the beneficiaries typically have to travel to Florida for ancillary estate administration. A St. Petersburg probate and trust administration lawyer can handle the proceedings on your behalf.
Our Probate and Trust Administration Lawyer in St. Petersburg Can Advise On Your Case
Generally speaking, you should enlist the help of a St. Petersburg probate and trust administration lawyer when going through any type of probate. At Legacy Protection Lawyers, LLP, our seasoned attorneys can help reduce the time and cost involved in these proceedings and will handle all of the complexities that may arise. We can handle every aspect of your case so you can try to move forward. Call us now at 727-471-5868 or contact us online to schedule a consultation and to get the legal help you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html
