Estate & Probate Attorneys In Florida
The distribution of a deceased person’s assets under court supervision is known as probate. Probate is a legal procedure made available by Florida law. In addition to delaying the distribution of your assets to your loved ones, probate can consume time and resources, which can be very stressful over the months or years it may require to resolve an estate.
There are circumstances when the probate process is quick and painless for the surviving family members, but it can drag on for years in a worst-case scenario. Although you may have been led to believe that avoiding probate at all costs is the preferred course of action, there may be benefits to probate in certain circumstances.
How Does Estate Planning Work For Small Estates?
The Estate Plan FL Law Firm ReviewFor small estates, states like Florida have tailored their probate procedures. These probate procedures may be more efficient, inexpensive, and time-saving than other estate planning tools, like living trusts. The two procedures heirs and beneficiaries can use are the “Disposition of Personal Property Without Administration” and “Summary Administration.”
To be eligible for the Disposition of Personal Property Without Administration, the estate size is limited to the expenses for funeral and medical bills during the last 60 days when the decedent was still alive. If intestate, it must not be more than $10,000.
Surviving families can exempt certain assets from the estate size up to $20,000. Consult your estate planning attorney about what property Florida law allows.
For estates with less than $75,000 in value, heirs or beneficiaries can petition the probate court for a Summary Administration. Transferring assets and property is far quicker and less costly than the conventional probate process.
Pros & Cons Of The Probate Process
In some cases, especially for persons who have passed away intestate or with no last will, the probate process protects minor estates. In those circumstances, a step-by-step procedure is expected to occur and ensure that the right beneficiaries inherit a decedent’s property. Your estate planning attorney can guide you on the best option to take.
Additionally, if you need the financial means to complete estate planning, you can arrange for your estate to cover the fees of the probate procedure after your passing. For those who wish the disposition of their wealth to be known to the public, the probate process may also be advantageous. The execution of a will after someone’s passing makes the details public since wills are public records.
The probate process can occasionally be difficult, particularly if:
No beneficiary could be found.
A recipient is handicapped.
The beneficiary is also the recipient of government benefits.
A full probate or formal administration is required if a Florida resident leaves probate assets valued at more than $75,000. The probate court can choose a representative and is responsible for fulfilling fiduciary obligations when handling the estate’s administration. Full probate can be lengthy and costly and last several months up to a few years.
That said, certain documents and courses of action are involved in estate planning and the probate process. Here are some of them.
The Estate Plan
135 San Lorenzo Ave Suite #750
Coral Gables, FL 33146
(305) 677-8489
https://www.TheEstatePlanFL.com/
