How Probate And Estate Distribution Process Works In Florida

Seeing a loved one pass away can take a toll on the toughest of individuals. We can say the same about distributing the deceased loved one’s assets, which is typically heartbreaking as it comes with an added sense of finality. 

So how do you deal with probate and the estate process in Florida?

First things first, you’ll need to hire a probate attorney who will guide you through the process. Most importantly, they will help you anticipate any unpredictable matters that may arise during the probate and estate administration process. 

Still, while having a legal professional on retainer is necessary, it doesn’t hurt for you to learn more about what will be going on behind the scenes. 

So let’s get started.

What Is Probate?

In simple terms, probate is  the legal process during which the court verifies the decedent’s last will and testament. 

Probate necessitates locating the assets of the deceased person, determining their monetary value, settling the estate by paying any due bills, taxes, and debts, and ultimately distributing the assets to the beneficiaries. 

Every step of the probate and estate process helps ensure your loved one’s wishes are respected and all their decisions on the distribution of the assets are rightfully carried through.

Generally speaking, the personal representative (person chosen by the deceased individual) must complete most of the steps in the probate, for which the beneficiaries can pay them up to 3% of the overall value of the estate.

Steps Involved In The Probate Process

Formal probate consists of multiple steps, including:

1. Identifying Probate Assets

Assets that must go through probate include any assets belonging to the individual who has passed away. These are assets such as real estate, vehicles, personal valuables, as well as investment and bank accounts that have no beneficiaries. 

Not all assets are required to go through probate and as such, don’t count toward the value of the estates. This includes any jointly owned assets, like real property owned between spouses, assets contained in trusts, bank accounts, and individual retirement accounts with named beneficiaries. 

2. Filing A Petition With The Probate Court

Before proceeding, the attorney must identify the documents required to start the probate process. These include the death certificate, a will, brokerage, and bank account statements, along with any other relevant documents. 

The attorney can then file a petition for probate in the probate court in the county where the decedent primarily resided. During this step of the process, beneficiaries and other legal heirs will receive a notification informing them of the fact the estate is open. 

Afterward, the court will grant the petition and issue Letters of Administration, thus designating the personal representative of the estate. This individual will receive authorization to access all the decedent’s assets in order to perform administrative tasks, such as opening the designated bank account for the estate. 

3. Notifying Creditors

According to Florida probate and estate laws, the personal representative must notify all the creditors the estate is open. They can do this directly for known creditors, but for unknown creditors, it’s mandatory to publish a formal notice in the county newspaper.

Creditors have three months from getting notified to file their claims against the estate. Otherwise, they’ll lose their rights to collect any assets and the court will strike their claims. 

4. Inventorying Estate Assets

Before probate can proceed, the personal representative must also determine the estate’s total net worth. Naturally, inventorying assets such as real estate, vehicles, stocks, bonds, and bank accounts is relatively easy. However, it may be necessary to hire an appraiser to determine the monetary value of other property. 

Once the inventory is complete, the attorney of the estate must file it with the probate court. 

5. Paying Creditor Debts And Filing Estate Taxes

Using cash from the estate account, the personal representative must pay any creditor debts. If they find any claims against the estate that aren’t valid, the personal representative has the right to contest them with the probate court. 

It’s worth noting that creditor claims can only be paid with cash. If the estate doesn’t have enough liquidity, it’s imperative to sell estate assets until the right amount of cash is available.

When it comes to estate taxes, many estates fall under the legal tax threshold, meaning they’re exempt from paying taxes. If the estate is above this limit, the personal representative is required to file an estate tax return.

Similarly, the estate must also settle the decedent’s tax returns. 

6. Distributing The Assets

Once all debts have been paid, the remaining assets can finally be distributed to the beneficiaries and heirs. The terms in the will dictate the distribution of assets, and if the decedent didn’t leave a will (legal term, died intestate), the assets will be split according to Florida intestacy laws. 

7. Closing The Estate

When all the rightful beneficiaries receive their inheritance, the personal representative has to file a petition with the court to be relieved from their duties. Once this happens, the probate is officially over and the estate can be closed. 

Is Hiring A Probate Lawyer Necessary?

According to the probate and estate laws, in a formal administration (for estates valued above $75k and if the deceased has been deceased for less than two years), it’s necessary to hire a lawyer.

Still, even if the estate meets the requirements for a summary administration (estates valued under $75k where the decedent has been deceased for more than two years), hiring a lawyer is a smart move.

Both formal and summary administration have to meet various legal requirements and adhere to a plethora of technical rules. Since any mistakes during the process will significantly delay the distribution of assets, the presence of a legal professional guiding the personal representative is an absolute must. 

Protect Your Loved One’s Estate

Dealing with the pressures of administering the estate amidst the natural grieving process is hard to endure. Considering simple mistakes can lead to costly delays and create unnecessary family drama, going through probate is no easy feat for anyone involved, especially if the decedent named you as the personal representative.

Fortunately, when dealing with probate and estate matters, you can always count on Doane & Doane. During the last two decades, our attorneys have assisted many grieving families with administering their loved one’s estate. 

With an unprecedented level of expertise and a deep level of understanding of the emotional challenges involved, Doane & Doane can be your guide throughout this challenging time.

Call 561-656-0200 or fill out our contact form to schedule an appointment with the Florida legal scene’s finest. 

Note: 

The information in this blog post is for reference only and not legal advice. As such, you should not make legal decisions based on the information in this blog post. Moreover, there is no lawyer-client relationship resulting from this blog post, nor should any such relationship be implied. If you need legal counsel, please consult a lawyer licensed to practice in your jurisdiction.