Florida Probate and Trust Administration
Flourish Law Group is equipped to provide affordable and timely probate services for the settling of an estate with property located in any of Florida’s counties. Our team is here to support you during this difficult time.
What is the probate administration process?
Probate is the court process by which your Last Will and Testament will be legally validated after you die, assuming you leave one.
When there is a Will and/or a Trust which was executed by the decedent prior to death, the estate is referred to as “testate.”
When there is no Will or estate planning documents to dictate to whom estate assets are to be distributed, the estate is referred to as “intestate.”
Every state has their own version of an intestacy statute, which stipulate the default rules for how a person’s property is to be distributed.
Here is some of the key information you should know about the probate or trust administration process:
What Is an Executor/Personal Representative/Administrator?
The titles, executor, personal representative, and administrator all refer to the individual who is eventually appointed by the probate court to administer your estate.
The Florida probate code, refers to the person in charge of the estate as the personal representative whether the estate is testate or intestate.
Duties of A Personal Representative
A personal representative has a number of responsbilities:
This includes making funeral arrangements, locating the Last Will and Testament, initiate probate, distribute assets according to probate administration, file final income tax return and pay any final debts.
Types of Probate Administration
Formal Administration – a probate proceeding involving the full probate process, required of any estate that is projected to have assets valued over $75,000. The formal probate process includes appointing a personal representative and publishing notice to creditors, establishing the 90 day creditor period.
Summary Administration – a streamlined version of the probate process for small-value estates under $75,000. A summary administration does not result in the appointment of a personal representative, and generally does not require a publication of notice to creditors. A summary administration involves the circuit court judge issuing one order transferring all identified property directly to the beneficiaries.
Ancillary Administration – a probate proceeding conducted for controlling, selling or transferring real estate held in a state or country, other than the state of last residence of the decedent. Generally the domiciliary probate/estate must first be established in the state that the decedent was domiciled in at the time of death. Once the executor is appointed for the domiciliary estate, they can petition to open an ancillary administration.
Trust Administration
Trust administration is the management of trust assets for the benefit of the trust beneficiaries and in accordance with the terms of the trust.
Trust administration is usually carried out by an individual or entity referred to as the successor trustee, and who was nominated by the trust settlor to assume management of the trust when the original trustee becomes incapacitated or dies.
Get Started Today
During our first meeting, we’ll learn about your goals and needs for your future.
Then, we’ll talk about what might work for you. Call (954) 698-4570 or click here to get started.
Let us support you during this process.
Call us at (954) 698-4570 or click here to get started today.
