In the State of Florida, there are two main types of probate administration:
Formal Administration and Summary Administration.
I. WHEN A LOVED ONE WHO OWNS PROPERTY PASSES AWAY
When a loved one passes away while owning a house, bank account, investment account, etc., their estate may have to go through a court process called Probate. The Soto Law Office can assist you throughout the entire Probate process with compassion and understanding while you grieve the loss of the decedent (the person who passed away).
II. OVERVIEW OF FORMAL ADMINISTRATION
Formal Administration is one of several types of Probate and applies where the decedent passed away less than two (2) years ago, and their nonexempt assets or property exceed $75,000.
Part of the process includes the appointment of a Personal Representative by the court. The Personal Representative is then allowed to pay off creditors or debts owed by the decedent. He or she will also distribute or give the decedent's assets or property to the beneficiaries or heirs of the estate.
III. WHY CHOOSE FORMAL ADMINISTRATION IF IT'S NOT REQUIRED?
In instances where Formal Administration may not be required, it may be necessary when:
1. there's a need to appoint a personal representative who is given authority to obtain essential information regarding the decedent’s assets and property or debts;
2. a bank or other financial institution requires letters of administration;
3. there are many known creditors and a need to settle their debts; or,
4. there are disputes as to the validity of the Last Will and Testament or distribution of the assets.
IV. CONSULT WITH A FORMAL ADMINISTRATION PROBATE ATTORNEY TODAY!
While Formal Administration often takes longer, cost more, and requires additional work than other forms of Probate, it may be preferred or necessary under certain circumstances. Therefore, it's vital to seek the advice of an experienced Probate Administration Attorney to assist in navigating your options. To ensure you make the right decisions for your family, contact The Soto Law Office at 321-972-2279 to set up your consultation.