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Probate
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Probate is a
legal process through which the assets of a deceased person are distributed to
the heirs or beneficiaries of the estate. The Court oversees the estate to make
sure debts are paid and proper distribution is made.
Probate can be
with or without a Will. A Will is a document executed by a person which
expresses their wishes as to how property is to be disposed of after their
death. The Will usually names a personal representative to administer the
estate. In
Probate
proceedings are initiated with the filing of a Petition by the person asking to
be appointed as personal representative. The Petition is prepared by an
attorney. If there is no Will, the assets in the estate will be distributed as
set forth in Florida Statutes. The personal representative will be responsible
for the estate until all debts are paid or otherwise disposed and distribution
of the assets is made to the beneficiaries. At such time as the Court
determines that the estate has been fully administered and all requirements
have been met, the personal representative will be discharged.
TYPES OF
ESTATES:
Formal
Administration: This type of proceeding is used when there are considerable
assets (value exceeding $25,000 including real property) and it is necessary to
appoint a representative to act on behalf of the estate. The capacity in which
the representative will act is determined by the Court at the time of
appointment. Letters of administration will be issued to the representative so
that he/she may complete the administration of the estate.
Family
Administration: Family administration is normally used when the decedent leaves
only personal property and the value of this property does not exceed
$60,000.00.
Summary
Administration: Summary administration may be administered when the value of the
entire estate subject to administration does not exceed $25,000.00.
Desposition of Personal Property Without Administration: The disposition is
filed to request release of the assets of the deceased to the person who paid
the final expenses, such as funeral bills, medical bills for the last 60 days,
etc. This procedure may be accomplished with the filing of a formal petition.