What Are The 3 Types Of Probate Administration In Florida?
Within the state of Florida, there are three types of probate administration. By being aware of what these three types of probate administration are, you can understand the value of each one.
What Is Probate Administration?
Right before we dive into what, exactly, the three types of probate administration in Florida happen to be, we must first define what probate administration is.
Probate administration is a process in which a deceased individual’s assets are distributed. Given the complexity of many people’s estates, as well as the disputes that can arise from the terms outlined regarding an estate’s assets, probate administration is challenging.
Rather than going through the process of probate administration, the best thing to do is to work with an estate planning lawyer who can ensure that your estate is both secure and aligned with your wishes.
Sometimes, though, that just isn’t the case. During these situations, you will need to work with a probate lawyer, who can assist in probate administration.
What Are The 3 Types Of Probate Administration In Florida?
Within the state of Florida, there are three types of probate administration. Each one is unique, with its own goals and functions. No matter the type of probate administration that must be conducted, a probate lawyer is essential.
Probate Administration 01: Formal Administration
When a deceased individual has been dead for no more than two years, and their estate is worth more than $75,000, a formal probate administration process can be conducted.
The goal of the formal probate administration process is to take care of an estate, so that it can be closed.
By the time the formal probate administration process has concluded, an estate will no longer be open and the assets within the estate will have been distributed.
Assets that belong to an estate, but are not solely in the deceased individual’s name, cannot be part of the formal probate administration process.
Probate Administration 02: Ancillary Administration
Some deceased individuals live in Florida, but own property in, say, Oregon. To ensure that this property is divided in the proper manner, an ancillary probate administration process must be conducted.
Going through ancillary administration is very expensive and time-consuming. But, a proper estate plan can prevent the need for ancillary administration.
Probate Administration 03: Summary Administration
Summary administration is similar to formal administration. But, there are three major differences:
- Summary administration is cheaper than formal administration.
- Summary administration is faster than formal administration.
- Summary administration is only available to estates that are worth less than $75,000.
Even though summary administration is cheaper and faster than formal administration, it is still a complex process that you can, and should, avoid.
Speak With A Florida Probate Lawyer Today
Going through any type of probate administration is a complex, and often quite vague, process. By speaking with a Villages probate lawyer today, though, we can assist you in clearing up the complexities and setting up your estate in a manner that aligns with your wishes.
Sources:
law.cornell.edu/wex/probate
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0734/0734.html