In addition to the emotional pain of losing someone, many people are nervous about how to handle a family member’s estate after they die. Our Coral Gables probate lawyer is here to answer all your questions regarding the probate process and the distribution of assets upon the death of a loved one. Our estate planning firm handles everything from start to finish during the probate process so that you are not overwhelmed. We make sure that the deceased’s estate is handled with extreme care and that named executors feel confident in their role as distributor of assets.
Probate is a legal process through which a loved one’s estate is settled upon death. Their debts are paid off and the remaining assets are divided among the family members or named beneficiaries. In Florida, there are two types of probate administration available: formal administration and summary administration. Formal administration is the process used for estates with the value of $75,000 or more. Summary administration is a more simplified process , and is reserved for estates valued under $75,000 or when the decedent has been deceased for more than two years.
A probate lawyer could assist a person in Coral Gables with navigating this situation, especially for those with complicated, high-net worth estates that require a long administration process.
A probate lawyer also handles creditor claims raised against the estate. Once a person passes away, all the creditors must be notified so that they have an opportunity to file claims for what they are owed. A Coral Gables probate lawyer works together with the executors of the estate to review the validity of the creditor claims and look into what debts must be settled. In the analysis, the legal team assesses the difference between secured and unsecured debts and handles them accordingly. If a claim is inflated or invalid, they may be able to dispute the claims to protect the assets of the rightful beneficiaries and heirs.
The first part of the process is to file the petition for administration in probate court. If a person dies with a will, it must be presented before the court to make sure that the will is valid and adheres to all the Florida state requirements for validity.
During this process, a personal representative, also known as an executor, is appointed by the court. This person is in charge of administering the estate and they are usually nominated through the will. If there is no will, a lawyer may work together with the court to determine an appropriate personal representative for the estate.
Another important aspect is the identification and inventory of the assets left behind. Assets can include real estate property deeds, bank accounts, investments, and personal property, among others. Beyond assets, it is just as important to identify outstanding debts.
Legal counsel can also handle the coordination of filing tax returns, including distributing the assets in accordance to the will or intestate succession, and preparing the final accounting of the estate’s transactions before closing the estate.
If you are a named executor who has been given a tough job, Veliz & Associates P.A. are here to help. Due to the complexities of the Florida probate system and its various legal requirements, it is important to have a knowledgeable Coral Gables probate lawyer at your side.
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