What is Probate?
Probate is a legal process that occurs after someone passes away. It involves the validation of the deceased person's will (if there is one) and the distribution of their assets to their heirs or beneficiaries. Chapters 731 through 735 of the Florida Statutes and Florida Probate Rules govern probate proceedings.
The main purposes of probate are to ensure that the deceased person's debts and taxes are paid, and that their property is transferred to the appropriate individuals or entities according to their wishes or state law if there is no will.
Probate assets that make up the "estate" includes any asset owned by the decedent that does not have a named beneficiary. For example, a bank account, life insurance policy, annuity, retirement account, or real property. Therefore, probate administration is required to facilitate the transfer of ownership of that asset.
Here's an overview of how the probate process typically works:
Filing the Petition: The process begins with the filing of a petition in the probate court, usually by the personal representative named in the will or by a close relative if there is no will.
Notification of Interested Parties: After the petition is filed, notice is given to beneficiaries, heirs, and creditors, informing them of the death and the initiation of probate proceedings.
Inventory and Appraisal: The personal representative of the estate creates an inventory of the deceased person's assets and has them appraised if necessary. This step helps determine the total value of the estate.
Payment of Debts and Taxes: Before any assets can be distributed to beneficiaries, the estate's debts, including funeral expenses, taxes, attorneys fees, costs related to estate administration and outstanding bills, must be paid off using estate funds.
Distribution of Assets: Once debts and taxes are settled, the remaining assets are distributed to the beneficiaries according to the terms of the will or state law if there is no will. This distribution is overseen by the probate court.
Closing the Estate: After all assets have been distributed and all legal matters resolved, the personal representative files a final accounting with the court, detailing how assets were distributed and how debts were paid. Once the court approves this accounting, the estate is officially closed.
Probate can be a lengthy and sometimes costly process, depending on the complexity of the estate. If you need assistance with probate, feel free to contact our office by calling (321) 442-0070 or by email, contact@mmhlawoffice.com. We're here to help guide you through the probate process and address any concerns you may have.
Disclaimer: This article does not constitute legal advice. Each case is unique therefore schedule a consultation with an attorney for evaluation and advice specific to your situation.