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Daytona Beach Lawyers > Blog > Probate & Guardianships > How To Close An Estate In Florida

How To Close An Estate In Florida

Discharged

If you have been acting as a personal representative, you understand what a demanding position it is. You must collect assets, pay creditors, and handle a myriad of other duties related to estate administration. Now maybe, you are at the final stage which requires you to formally close out the estate. This last phase is critical to finalize the probate process and to protect yourself from any liability in the future.

If you do not properly close the estate, it could expose you to possible claims from beneficiaries or creditors in the future. Below, our Daytona Beach probate attorney explains how to do it.

File the Petition for Discharge 

Florida Probate Rule 5.400 requires you to file the petition for discharge. This is a formal request you make to the court asking them to verify that the estate has been fully administered and to discharge you of your duties as personal representative. The petition includes a final accounting and verifies that you have completed a number of tasks, including:

  • Payed all valid claims from creditors
  • Made provisions for administrative expenses and taxes
  • Detailed charges for hired professionals such as accountants and attorneys

The most important component of the petition is the comprehensive plan for distributing any property remaining in the estate to the rightful beneficiaries. All interested parties are served a copy of the discharge and they have 30 days to challenge the discharge and file an objection.

The Distribution of Property 

One of the most anticipated aspects of closing an estate is finally distributing the remaining property in the estate to the beneficiaries per Florida’s intestate laws or the provisions in the will. Your proposed plan must include certain important elements, including:

  • The property still in your possession,
  • A timeline of any previous distributions, and
  • A detailed plan of how you will distribute the remaining property.

To speed up the distribution process, some beneficiaries will waive their right to a final accounting. It is important to note, though, that these waivers will not release you from full liability until a discharge is granted by the court.

Obtaining the Order of Discharge 

If there are no major objections in the case, the probate court will schedule a final hearing after the 30 days for objections has expired. The judge will issue an order formally discharging you of your duties as a personal representative. You are then relieved of your duties and can continue distributing the property. Without the order of discharge, you remain liable for any mistakes, even if they were not intentional.

Our Probate Attorney in Daytona Beach Can Help with Closing 

If you have been selected as a personal representative, you are required to work with an attorney. At Bundza & Rodriguez, our Daytona Beach probate attorney can help you through the entire process, including closing, and make sure no mistakes are made that will expose you to liability. Call us today at 386-252-5170 or contact us online to schedule a consultation and to get the legal advice you need.

Source:

casetext.com/rule/florida-court-rules/florida-probate-rules/part-ii-probate/rule-5400-distribution-and-discharge

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