FAQs About Probate In Florida

Many people have heard of probate but do not know exactly what the process entails. Probate is the court-supervised legal process of administering and settling a person’s estate after they pass away. If you are about to go through probate, or you are thinking about planning your estate, you may have many questions about probate. Below, our Daytona Beach estate administration attorney answers some of the questions we hear most frequently.

What is the Purpose of Probate?

Probate is required in Florida to settle the estate and handle the affairs of the decedent. The probate laws that have been in place in Florida for more than 100 hundred years are meant to protect decedents, beneficiaries, legal heirs, creditors, and other interested parties.

What Happens During Probate?

There are many things that occur during probate. One of the first steps is to prove, or validate, the will. The assets of the deceased are identified, gathered, and valued. Notice is given to creditors, beneficiaries, and other interested parties so they have the opportunity to file a contest or claim against the estate. Ultimately, any remaining property in the estate is distributed to beneficiaries according to the provisions within an estate plan or the intestacy laws in Florida.

What are the Different Types of Probate?

There are three different types of probate in Florida. These are as follows:

Formal administration: Formal administration is the most common, and the most traditional, type of probate. This is the only form of probate that uses a personal representative, who is mainly responsible for administering the estate.
Summary administration: Summary administration is an expedited form of probate. It is only available for estates valued under $75,000 or when two years have passed since the death.
Ancillary administration: Ancillary administration is necessary when someone owned property in Florida but lived in another state.

What Assets are Not Subject to Probate?

Most assets that are solely in a decedent’s name are typically subject to probate. However, there are ways to shield assets from the process. For example, assets held in a revocable trust are not subject to probate because trusts are separate legal entities from those who create them. In Florida, other assets that are exempt from probate include:

Two motor vehicles titled in the name of the decedent, if they were used regularly and do not weigh over 15,000 pounds
Assets that have beneficiary designations, such as life insurance policies or bank accounts
Transfer-on-death designations for stocks and investments
Payable-on-death designations for bank accounts
Joint title with rights of survivorship
Tenancy by entireties

Should You Work with an Estate Administration Attorney in Daytona Beach?

Personal representatives are legally required to work with an attorney, but it is recommended that everyone works with a Daytona Beach estate administration attorney. At Bundza & Rodriguez, our experienced attorney can answer your questions so you can make informed decisions for you and your family. Call us now at 386-252-5170 or contact us online to request 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