Probate is a process for handling the estate of a deceased person, and the goal is to make sure all the assets of an estate are legally and fairly transferred in accordance with the wishes of the decedent. But the process can be time-consuming and difficult, particularly if there is no will or there are contests to the will. A Tampa, FL probate attorney can help you and your family get through the probate process as smoothly as possible.
What to Expect From the Tampa, FL Probate Process
Assets that Go Through Probate
The Florida Probate Code sets out the process, and all assets that were owned by the decedent, including bank accounts, retirement accounts, personal property, and real estate, go through probate unless they’re protected in some way. For example, bank accounts that have named beneficiaries go directly to that beneficiary upon the death of the account holder, and life insurance with named beneficiaries also doesn’t go through probate, either. Anything in a trust usually bypasses probate, as well.
Types of Probate Administration
Florida offers two types of probate:
Summary Administration
This is a simplified, faster process, but it is only for smaller estates where the total value of probate assets, excluding the homestead property, is $75,000 or less, or if the decedent has been deceased for more than two years. No personal representative is appointed in this process, and it often skips many of the formal steps included in the process for bigger estates.
Formal Administration
This process is for all larger and more complicated states. The personal representative or executor of the estate will work under the court’s supervision to itemize, value, and distribute all the assets while also paying all taxes and debts. If there is no one named in the will, then the court will appoint an executor or administrator.
Key Steps in the Probate Process
- Filing the Petition: You start by filing a petition in the probate court in the county where the decedent lived.
- Validation and Appointment: The court validates the will and appoints an executor.
- Notification: The executor identifies all interested parties (natural heirs, named beneficiaries, and creditors) and notifies them that probate has begun.
- Inventory and Appraisal: The executor gathers and inventories all assets and gets appraisals for items like real estate.
- Handling Debts and Claims: The executor pays all valid debts and taxes. If there aren’t enough liquid assets to pay for all this, some assets may be sold.
- Distribution of Assets: Once debts and taxes are settled, all the remaining assets are distributed according to the will or (if there is no will) according to state law.
Talk to a Probate Attorney
Whether you are in the middle of the process or are hoping to plan your estate in such a way as to help your loved ones avoid probate as much as possible, get experienced help from the Law Office of Elizabeth Devolder by calling 813-379-9839 in Tampa or 941-337-0624 in Sarasota today.
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