When a loved one passes away, the path to settling their estate typically involves probate. Probate is a legal procedure that validates and ensures the rightful distribution of the decedent’s assets. For Florida residents, having a clear understanding of the different types of probate can significantly ease the challenges that often accompany this legal journey.
This article is dedicated to explaining the two primary probate types in Florida: Summary Administration and Formal Administration. If you’re navigating the probate process, our Merritt Island probate attorney at Pilson Law is here to be your legal guide every step of the way.
Two Types of Probate in Florida
Probate is a legal procedure through which a deceased individual’s assets are identified, managed, and distributed among beneficiaries or creditors. Probate aims to ensure that all debts are paid, and remaining assets are allocated according to the law or the decedent’s wishes.
In the state of Florida, two principal probate procedures are recognized: Summary Administration and Formal Administration. Each type varies in complexity, requirements, and scenarios for which they are best suited.
1. Summary Administration
Summary Administration is a more streamlined, less time-consuming probate process — typically used for smaller estates. This form of administration is generally applicable to estates with assets totaling less than $75,000, excluding the value of exempt property such as homestead real estate. Summary Administration may also apply when the decedent has been deceased for more than two years, irrespective of the estate’s value.
Some of the most significant advantages of Summary Administration include:
- Expediency: Unlike Formal Administration, which can take several months or even years to finalize, Summary Administration can often be completed within 3 to 6 months on average. This quicker timeline is beneficial for beneficiaries eager to close the estate and distribute assets.
- Less Expensive: Because of its simplified nature, Summary Administration is typically less costly. There are fewer court fees and less legal paperwork involved, which often translates to lower attorney fees. This cost-effectiveness makes it a popular choice for smaller estates.
To initiate a Summary Administration, a Petition for Summary Administration must be filed, accompanied by a comprehensive inventory of the deceased’s assets and liabilities. Upon approval, the court issues an “Order of Summary Administration,” authorizing the distribution of assets. It is highly advisable to consult a probate attorney in Merrit Island, Florida to navigate the intricacies of Summary Administration.
2. Formal Administration
Formal Administration is more complicated and is generally utilized for larger estates or when there are contentious issues such as disputes among beneficiaries or creditors. It involves a more comprehensive legal procedure, including the appointment of a personal representative to oversee the asset distribution.
In contrast to Summary Administration, Formal Administration is generally required for estates with a value greater than $75,000, not including exempt assets like the primary residence. This monetary threshold serves as a starting point for many families when considering which probate process to pursue.
Since Formal Administration offers a more detailed legal framework, it’s well-suited for dealing with complicated financial or family situations. For instance, if the deceased had substantial debt or if the asset distribution involves legal complexities, Formal Administration offers a guided, court-supervised process to ensure fair and lawful distribution.
This type of probate commences when a “Petition for Formal Administration” is filed. Subsequently, the appointed personal representative administers the estate under court supervision. During Formal Administration, assets are identified, creditors are notified, and claims are settled. The personal representative must maintain meticulous financial records and, in some cases, may need court approval for various actions, such as the sale of property.
For an estate that requires Formal Administration, it is advisable to consult a probate attorney in Merrit Island, Florida, to ensure that all legal protocols are accurately followed.
Talk to Our Merritt Island Probate Lawyer
Probate laws and procedures in Florida can often be intricate and complicated. Understanding the differences between Summary and Formal Administration can make the process less daunting and more manageable. Pilson Law, a distinguished name among Merritt Island probate lawyers, offers specialized services to guide you through either type of probate in Florida.
If you are dealing with asset distribution and estate planning, proper legal guidance is indispensable. Contact us today for a consultation and ensure that your legal affairs are in the most capable hands.
