Important Facts About Probate In Florida

Losing a loved one is never easy. During your time of grief, thinking about the probate process and distributing your loved one’s property may seem overwhelming. Understanding the law and knowing what to expect can make the process easier for you. Below, our Daytona Beach estate administration lawyer outlines important facts about the process.

There are Different Types of Probate

Probate is the legal process of identifying and gathering a person’s assets after they pass away. If someone passed away with a will, the document is verified during probate. Although these steps are required during all probate proceedings, there are different types of estate administration. These include:

Formal administration: When a person passed away less than two years before starting probate and the value of their estate exceeds $75,000, the estate must go through formal administration.
Summary administration: Summary administration is a faster and cheaper form of probate. To qualify, the decedent must have passed away more than two years before probate was opened and the value of the estate must be less than $75,000.
Ancillary administration: Ancillary administration is required when the deceased owned property in Florida but lived in a different state.

Only Certain Assets are Subject to Probate

Not all assets in an estate are always subject to probate. Assets must only go through probate if the deceased owned them solely in their name. Probate assets typically include homes, vehicles, and bank accounts. However, there are many types of assets that are not subject to probate. These include property held in a trust, assets that have beneficiary designations such as life insurance policies, and jointly owned property.

Wills are Subject to Probate

Many people draft a will thinking that it will help their loved ones avoid probate after they pass away. This is not true. In fact, one of the first steps in probate is to prove, or validate, the will. Although there are ways to avoid probate, drafting a will is not one of them. Still, wills are legal documents that serve very important purposes. These documents stipulate how individuals want their property distributed after they pass away, name a guardian for minor children, and more.

The Court Will Decide How to Distribute Property Without a Will

When a person passes away without a will, the probate courts will decide how to distribute someone’s property after they pass away. The intestacy laws that outline how to distribute property are found in the Florida Statutes and they are as follows:

A surviving spouse receives 100 percent of the estate when there are no surviving children or grandchildren.
If the only surviving children were shared by the deceased and the surviving spouse, the spouse will receive 100 percent of the estate.
If the deceased had children from a previous relationship, the surviving spouse will receive half of the estate and the children will receive the other half.
The children receive 100 percent of the estate if there is no surviving spouse.
If the deceased did not have a surviving spouse or children, their parents will inherit the estate.

Our Estate Administration Attorney in Daytona Beach Can Help

If you are going through probate, do not do it alone. At Bundza & Rodriguez, our Daytona Beach estate administration attorney can ensure that you are prepared for the process, answer your questions, and make it as easy as possible for you. Call us now at 386-252-5170 or contact us online to schedule a consultation and to learn more.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html