What Steps Are Involved In The Probate Process?

Probate is a legal process that administers and settles a person’s estate after they pass away. There are many steps in the process, including validating the person’s will, paying final taxes, distributing the property in the estate, and more. The steps involved in the process ensure that the decedent’s wishes are carried out. The personal representative, who is named in a will or appointed by the court, conducts most of the steps during probate. Below, our Daytona Beach estate administration attorney outlines the steps involved.

Identify Probate Assets 

Not all of a decedent’s assets are subject to probate. Probate assets include any property the deceased owned in their name only. This can include a home, vehicles, bank accounts, and personal items, such as furniture. There are ways to protect property from probate, such as establishing a trust and funding it with property or designating beneficiaries on bank accounts and other financial accounts.

File the Petition 

The probate process officially begins when the petition is filed with the probate court. This allows beneficiaries and heirs to be formally notified that the estate is open. The court will then issue Letters of Administration, which designates the personal representative and allows them to access the property of the deceased and perform the necessary tasks associated with estate administration.

Notify Creditors 

The creditors of the deceased must also receive notice that the estate has been opened. The personal representative must notify known creditors directly and publish a formal Notice to Creditors in a local newspaper to notify possible unknown creditors. Creditors have three months from the time they receive notice to file a claim against the estate.

Inventory and Value the Estate 

Before probate is completed, all property within the estate must be inventoried and valued. This is to determine the total net worth of the estate.

Pay Debts 

The personal representative will use resources from the estate to pay any of the decedent’s remaining debts. The personal representative can also contest claims against the estate they do not believe are valid.

File and Pay Taxes 

Florida does not have an estate tax and most estates fall under the federal estate tax threshold. Still, when an estate is valued above the threshold, an estate tax return must be filed. The personal representative must also complete the decedent’s personal tax return and pay any necessary taxes.

Distribute Property 

After the above steps have been completed, the personal representative can distribute remaining property in the estate to heirs and beneficiaries. If there is property that is not mentioned in a will or estate plan, and it is not liquid, it may be sold and the proceeds distributed among heirs.

Close the Estate 

Probate is officially closed when the personal representative submits the petition with the probate court. The petition asks the court to formally close the estate and release the personal representative from their position.

Our Estate Administration Attorney in Daytona Beach Can Help You Through the Process 

The probate process can be long and stressful, but you do not have to go through it alone. At Bundza & Rodriguez, our Daytona Beach estate administration attorney can guide you through the process, ensure you are properly prepared, and make it as seamless as possible for you. Call us today at 386-252-5170 or contact us online to request a consultation and to get the legal advice you need.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html