Florida Probate Law
How Can Florida Probate Lawyers Protect Long-Term Legal Interests?!
Florida Probate Lawyers Protect Long-Term Legal Interests!
In legal parlance, “probate” is a collective reference to an array of procedures associated with executing the terms of a legally valid will. Like all legal proceedings, probate entails many technical facets and details. Such formalities are subscribed by law as being mandatory components of the legal probate machinery. Their overall purpose is intended to ensure the proper administration of the decedent’s estate plan.
Florida law requires probate proceedings in all situations wherein the deceased owned any type of asset(s). Probate provides a formalized judicial or quasi-judicial process for orderly asset assembly, debt settlement, and property title transfers to the decedent’s designated or legal heirs.
Historically, probate has often been touted as a tortuous ordeal to avoid at all costs. Prolonged waits for final estate resolution and additional administrative and court fees are the primary bases of this perspective. Legislators have largely eliminated these drawbacks within the Sunshine State, however.
For instance, asset inventories and similar financial data are no longer open to public scrutiny. Equally significant is that the entire process must now be completed within one year. More commonly, however, probate is concluded in less than six months.
Since its initial induction into the Union as official state in 1845, Florida’s legal code has contained numerous provisions that govern probate. Every aspect of the probate process is governed by the Florida Probate Code. This law is codified at Chapters 731 – 735 of state statutes.
The Florida Probate Code authorizes a trio of formats for probate administration. These include:
- Summary Administration
This alternative is usually available when the cumulative value of non-exempt assets do not exceed $75,000; or, the decedent’s death occurred more than two years prior to probate commencement.
- Formal Administration
As its title implies, this estate plan execution scheme takes its course via the judicial system much as lawsuits and other legal matters do. All appropriate forms and documents must be prepared and filed with the Circuit Court along with the required fee. The clerk then assigns a case number and opens a new court file to document and record all subsequent filings and in-court proceedings that pertain to the matter. This step is typically completed in the Florida county of the decedent’s primary residence when he or she were alive.
- No Administration
Non-Administration is an option only for estates comprised entirely of exempt real property and non-exempt personal property below a certain threshold level. The specific allowable maximums are: 1) $6,00 for burial costs; and, 2) all customary and essential medical or hospital expenses accrued during the last two months of the decedent’s final illness.
Former state law also authorized a specialized probate proceeding denoted as “Family Administration.” As of January 1, 2002, however, this option became obsolete – except for estate plans filed prior to that date. In such instances, proceedings may continue as Family Administrations until the case concludes.
A Florida probate attorney is the best source of the most accurate, recent legal provisions. Such a qualified legal professional possesses the necessary skills, training, and specialized knowledge to devise and execute a competent estate plan.
For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation. It’s a Wild world. Are you protected?
Probate: Frequently Asked Questions
Probate FAQs
What are the steps of Probate?
Generally, the probate process follows the same basic steps regardless of which US state you are domiciled in. The Probate Court, in the state of which you reside, will govern the probate process. The Probate steps include:
• Filing the Will of the decedent with the local court
• Notifying heirs, creditors, and the public of one’s death
• Identifying and inventorying the decedent’s property
• Appraising the property
• Paying off all debts and estate taxes
• Having the Court validate the Will
• Distributing the estate
What are the costs of Probate?
Typically, Probate costs anywhere from 3% to 7% of the total Estate value. There are appraisal costs, executor’s fees, court costs, the costs of a surety bond, legal fees, and accounting fees. Also, if the decedent holds property in more than one state, the Estate may have to face separate probate hearings in each applicable state.
How can I avoid Probate?
A Will is the main facilitator in the bestowment of property from a decedent to his/her beneficiaries. Still, with a valid Living Will probate results. Alternatively, the execution of many legal strategies should occur in an attempt to avoid the probate process. The most frequent probate avoidance strategies include:
• Revocable living trust
• Joint tenancy and tenancy by the entirety
• Payable-on-death designations
• Life insurance
• Gift Planning
A good Estate Plan should absolutely include the implementation of these probate avoidance strategies. It is important to understand that an Estate Plan is not a “cookie cutter” template that can be applied to everyone. What works for one person may not be right for another. By visiting an Estate attorney, you can create an Estate Plan that fits your situation, needs and wants, to assure that you and your family are protected. Such a decision will make the probate process easier on your loved ones.
For more information on how to protect your family and your assets, please contact the law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at info@wfplaw.com.
Trust Administration to Lessen or Eliminate the Probate Process
Trust Administration
Trust administration is the legal process of administering your trust and ultimately protecting your assets. The advantage of trust administration is that its saves time and money by drastically lessening or eliminating the probate process. It can also save a lot of heartache by assuring the particular assets in your estate are protected.
Allowing our South Florida law firm to handle your Trust Administration will not only give you the assurance of proper asset protection but will lessen the stress of the mandatory legal procedure involved in administering your trust. That procedure includes inventory of the trust’s assets, the assessment of the value of the assets, the filing of tax returns, the notification of creditors, the notification of beneficiaries, the payment of debts, the attending of all hearings, and the filing of court ordered reports.
Trust administration is a mandatory legal process during which an attorney must be used. The Florida Courts govern the process and administration of a trust according to the Florida statutes. The legal process of trust administration begins immediately at the death of a settlor, and includes time sensitive, court set deadlines that must be adhered to for estate settlement.
At the death of the settlor, a successor trustee selected by the settlor administers the trust. For a person to qualify as a successor trustee, he or she must be a mentally competent, Florida resident of at least 18 years of age with no prior felonies on his or her criminal record. The attorney can help the settlor choose a successor trustee to assure that the trustee has sufficient legal and accounting knowledge to administer the trust properly. In some cases, if the settlor does not have a specific trustee in mind, it may be best to select the estate attorney as the trustee considering that he or she is already familiar with the exact wishes and intentions of the settlor.
The successor is selected at the time the trust is created. It is imperative to consult an attorney when selecting a successor because it is a decision that will absolutely influence the effectiveness of an estate. Such responsibilities of a successor trustee include the duty to be loyal and unbiased to all parties and potential beneficiaries of the trust, assure the trust assets are in an interest bearing account to keep the trust productive, decide on whether to make potentially prudent investments, inform beneficiaries of the trust’s status, and file tax returns, distribute income, keep records and handle all expenses.
For more information on successful Florida estate planning and asset protection techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation. It’s a Wild world. Are you protected?
Probate Administration With the Help of a Skilled Estate Attorney
Probate Administration
During Probate, many complications arise that are unrecognizable by those unfamiliar with Probate Administration. Our law firm has the experience and training to avoid such complications, and we take pride in our ability to advise Personal Representatives through Probate.
With the help of a skilled Estate attorney, ensure the proper administration of the estate for the Personal Representative, heirs, and beneficiaries as well as the prevention of costly errors that can occur during Probate Administration.
Our firm can handle all areas of a decedent’s estate. Our services include resolving debt with creditors, following proper procedure to avoid litigation, and gathering the assets of the estate. Your assets will be protected because of our ability to address issues with property exemption, family allowance, elective share benefits, and estate tax reduction.
Furthermore, we will organize and file the US Estate Transfer Tax Return and Florida Estate Tax Return as well as the US Individual and US Fiduciary Income Tax Returns.
Once the beneficiaries receive their assets, the Personal Representative will pay their final fees, and we will have the Personal Representative released and discharged properly to avoid any chance of an estate administration lawsuit down the road.
While probate administration can be costly, stressful, and both energy and time consuming, our firm can manage the process for you to assure that administration of the estate is efficient, cheap, and correct.
For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation. It’s a Wild world. Are you protected? We specialize in asset protection, estate planning and probate administration.
How a Will Affects Probate in Florida
Wills and Probate
The Will plays a crucial role in the Probate process, acting as the main facilitator during Probate. Many people wrongly believe that having a will avoids probate. If the decedent died without having a Will, he or she died intestate, meaning that the Court will follow state statutory law to determine the disbursement of the Estate. Probate will be required whether or not the decedent has left a will since the laws of the State of Florida provide a “will” for those who chose not to make one through the intestacy statutes.
At that point, the fate of your estate is left to a set “Will” provided by the State of Florida based on intestacy statutes, which declare that a decedent without a Will shall have their assets distributed as previously determined by Florida statutes. Generally, intestacy statute process goes as follows: all of a decedent’s estate will go to their spouse (if married without children) or $60,000 will go to the spouse with the remainder of the estate split amongst the children (if married with children). The only way probate can be avoided is with a trust-based Estate plan in place.
If well planned, the Probate process does not have to be complicated or an unpleasant experience. The use of an Estate attorney can help drastically reduce the chances of a Will contest by constructing a Will that both, meets your needs, and abides by the laws of the state. For example, the concerns with the validity of a Will reach beyond the mere drafting of the Will. There are very specific requirements for the execution of the Will as well. So, while the actual language of a Will may be acceptable, a Court can still deem a Will invalid when contested if the proper procedural law was not followed.
Usually a Will contest occurs with large Estates when family members or heirs have conflicting interests. Each party in the Estate will then hire an attorney with the interested party bringing the claim as the plaintiff and the personal representative of the Estate as the defendant. The most common objections in a Will contest include the questioning of the decedent’s mental capacity at the time of the Will’s execution, if the decedent was under duress or undue influence, if the Will was forged, and if the Will meets the states formal procedural requirements such as was the Will properly drafted, signed, witnessed, etc.
Also, a potentially terrifying thought is that Probate litigation becomes public knowledge to anyone who wishes to attain details. Thus, Probate litigation is not only expensive, but also embarrassing for the family and all those involved with the Estate. Lastly and most importantly, if the plaintiff party succeeds in their suit, the decedent’s wishes are not fulfilled, which defeats the whole purpose of the Will.
For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation. It’s a Wild world. Are you protected?
Probate: What You Need to Know
Fortunately, for the majority of people, death of a loved one is not a common occurrence. However, when it does happen, it can result in a great deal of stress. This is particularly true when the deceased has not planned the distribution of his assets. Family members must go through probate to acquire these assets.
During probate proceedings, the court transfers ownership of the deceased individual’s assets to the beneficiaries of the estate. This process begins with filing a petition. This petition lists everything that the deceased person owned. It also directs the distribution of the assets.
The petition might be more complicated for a larger estate, and there is a greater chance of conflicting interests from within the family. As a result, it can take up to 18 months for the petition to be filed. The probate proceedings might take around 6 months if the estate is smaller in size. In either case, the costs will be approximately three to seven percent of the overall estate.
For individuals with wills, probate is still a required process. Ultimately, if there are any asset is in the deceased person’s name, probate is necessary. However, in some situations, the probate hearings may not be as complex.
In Florida, if the estate is less than $75,000, an informal hearing can be conducted with a probate administration. Conversely, if the estate is worth more than $75,000, family members will probably have to go to court.
In any case, if you are required to attend a probate hearing, you must follow proper procedure. You will need to be represented by an attorney unless you are the only one claiming the estate. An attorney is required because there is the possibility that the estate could be contested for 3 years after the initial proceedings. An attorney will guarantee that you have fair representation.
To avoid probate, family members should consider alternative options for estate planning. A living trust is one of the easiest options because it immediately transfers ownership of the assets upon the decedent’s death.
While the beneficiaries will still need to visit an attorney, the overall process is less stressful. It is faster, cheaper and generally more convenient than traditional probate. Also, a lawyer will sometimes take payment out of the estate. So, while you will receive less from the probate, you will not have to pay anything upfront.
Regardless of how you approach settling an estate, it is prudent to consult with a trust and estate attorney.
In South Florida call the Estate Planning and Probate attorneys of Wild Felice and Partners at :
(954) 944-2855