The probate process can be extremely complicated, especially in cases where the deceased has substantial assets or complicated requirements. However, for estates that meet specific criteria, including non-exempt assets less than $75,000, the estate can go through the summary administration process. This step-by-step guide to summary administration in Florida can help you move through that process for a loved one’s estate or understand the potential obstacles you may face.
The first step in the summary administration process in Florida is filing a petition with the court where the deceased person lived. This petition establishes that the estate fits the criteria for summary administration, including:
Once those elements have been established, the estate can be managed with no need for a personal representative, and assets can be distributed more effectively.
If the deceased died more than two years ago, Florida law no longer requires the notification of creditors. However, if the death occurred less than two years ago, the estate must notify any possible creditors and give them time to file a claim against the estate. The funds for those creditors will need to be paid out of the estate.
Valuing the assets left in an estate is an essential part of distributing those assets to any heirs, including circumstances in which the deceased did not leave behind a will. The estate may need to bring in experts to value key assets, especially collectibles or other obscure items. This may not be required for an estate that does not have substantial assets. However, the family should take a careful look at what assets are included in the estate, including any bank accounts, investment accounts, and real property.
Once the court has approved the petition for summary administration and any debts and taxes have been taken care of, the family can distribute assets to beneficiaries as outlined in the court order or will.
Summary administration is often a faster and less expensive process than formal probate administration, which is required for larger estates. That can mean the heirs can receive the assets from the estate faster and that less of the estate will go toward administrative fees.
The step-by-step summary administration process noted above also does not include the appointment of a personal representative, who would be responsible for handling the details of an estate. In most cases, the family of the deceased can simply take care of the summary administration process without that formal acknowledgement.
The summary administration process in Florida often goes more smoothly than extensive formal administration. However, that does not necessarily mean that everything will always go according to plan. If you are dealing with a high-value estate or have questions about the summary administration process, a probate lawyer can represent you and make sure you understand your options and obligations. Reach out to Veliz & Associates, P.A., to discuss whether summary administration is a viable option for your circumstances and how we can aid you in administering assets.
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.
(305) 250-9917