Moving through the probate process can be stressful, especially for executors who have not handled it before. In Florida, the executor is required to be represented by an attorney unless the executor is the only beneficiary of the estate. Not only do you have to file a petition for formal administration to begin the process, you may wonder about what the process will look like and what steps you must take in order to correctly discharge your duties. Take a look at this step by step guide to formal administration in Florida to help you understand the steps that may come up when navigating probate.
The first step in formal probate administration in Florida is the Petition for Administration. This will include filing any supporting documents, such as the deceased’s Will, that name the administrator, and consents to the appointment of the Personal Representative. There are other legal documents that may have to be filed depending on whether the decedent had a Will or not. It will request permission for the executor to act on behalf of the estate and beneficiaries.
Once the documents in the Petition for Administration have been approved, the court will issue a Letter of Administration that grants permission for the executor to take action, and the beneficiaries and heirs to the estate will be notified that the estate has been opened.
Before any of the beneficiaries can receive the assets from the estate, the executor will need to notify all possible creditors. Those creditors can file a claim against the estate, allowing them to recover on the debt owed. Florida law requires the executor to notify all known creditors about the estate moving into probate and to file a specific notice with local publications that will allow unknown creditors to file a claim against the estate if needed.
The executor will need to take stock of all assets owned by the estate and determine the value of those assets. Some assets, like bank accounts, are easy to value, while others may require professional assistance, including support from an expert in particular types of assets. Having a clear understanding of that value is critical when distributing the estate according to the Will or to heirs at law as defined by Florida law.
Once all creditor claims have been submitted and the statutory deadline has expired, the executor will take care of either objecting to claims or paying the creditors that have submitted a claim against the estate. If there are not enough liquid assets in the estate, the executor may need to sell assets in order to recover the funds for those claims.
If there are any taxes owed on the estate, the executor will need to take care of paying them. Florida does not have its own estate tax or inheritance tax, but if the estate exceeds the federal limit, the estate may have to pay federal taxes.
The inventory filed with probate court will lay out the estate’s accounts: the value of all assets in the estate, any claims paid, and the costs paid out in managing the estate. The court will need to approve these records in order to close the estate.
Once the accounting for the estate has been handled, the court will issue an order directing the executor to distribute assets to the heirs and beneficiaries as laid out in the Will or in accordance to Florida law if there is no Will.
Finally, the executor can petition the court to close the estate. This petition also shows that the executor has formally discharged their obligations and that there are no further steps needed related to the estate.
Managing a deceased person’s estate can be complex and challenging. As you consider the step by step process in formal administration in Florida, our local probate attorney can advise and support you, helping you avoid many of the pitfalls you may encounter. Contact Veliz & Associates, P.A., today to learn more.
We evaluate your case and determine how we might be able to help.
We will meet with you to discuss your next options and lay out a plan.
Our team guides you throughout the process so you feel confident about your choices.
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