The Three Types Of Probate In Florida
Losing a loved one is one of life’s most difficult experiences. As you move through your grief, it is very challenging to navigate the legal process of administering your loved one’s estate. Unfortunately, the probate process in Florida can quickly become complicated. In fact, due to the fact that there is more than one type of probate in Florida, you may not even understand which process is most appropriate. Below, our Daytona Beach estate administration lawyer explains the different types of probate in the Sunshine State.
Formal Estate Administration
The most time-consuming and costly type of probate in Florida is formal estate administration. Even simple cases take several months during this process and complicated estates can take one year, or even longer, to probate. Estates that are valued at $75,000 or more are eligible for formal estate administration. The process must also begin within two years after the decedent has passed away. It is important to note that the value of an estate does not include exempt property. Exempt property includes jointly owned assets, accounts with named beneficiaries, and more.
Summary Estate Administration
Summary estate administration is faster than formal estate administration, and it also is not as costly. If your loved one’s estate is worth less than $75,000 and more than two years have passed since they passed away, summary estate administration may apply.
When proceeding with summary estate administration, anyone with an interest in the estate can petition the court. The petition must include an inventory of all property within the estate, except for exempt property, and an arrangement for ensuring it is distributed properly to all beneficiaries. As long as the plan is reasonable and fair, the probate court will approve it and the property will be distributed accordingly.
Ancillary Estate Administration
Ancillary estate administration is necessary when someone owned property in Florida, but they resided in another state. Ancillary estate administration is more common in Florida because so many people live in other states but own vacation properties in the Sunshine State. Still, ancillary estate administration only handles property that is located in Florida. All other assets of your loved one will be distributed in your loved one’s home state, or the state in which that property is located.
It is not usually necessary for beneficiaries or the personal representative of the deceased to travel to Florida for ancillary estate administration. Instead, a Daytona Beach estate administration lawyer can manage the proceedings on their behalf.
Call Our Estate Administration Lawyer in Daytona Beach Today
Regardless of the type of probate you are about to enter, you need legal representation to help you through the process. At Bundza & Rodriguez, our Daytona Beach estate administration lawyer can provide it and help reduce the cost and time involved in these proceedings, while also handling any complications that arise. Call us now at 386-252-5170 or contact us online to schedule a consultation with our experienced attorney. Let us handle the legal details as you try to move forward.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html
