Probate is a court supervised process for identifying and gathering the assets of a deceased person, paying their debts, and distributing their assets to their beneficiaries.
Wills are instructions to the Court on how the deceased person wants their estate to be administered. Probates can occur with or without wills.
Formal Administration is the most common type of probate. In a Formal Administration, a personal representative (commonly known as an executor) is appointed. A personal representative has the legal authority to act on behalf of the estate. If there is a wrongful death or other legal claim that the decedent had, a Formal Administration is generally required.
Summary Administration is the filing of an Estate with less than $75,000 in non-exempt assets or if two years have passed since the date of the deceased person’s death.
Ancillary Administration is generally filed when someone who is not a Florida resident passes and owns assets in the State of Florida.
Subsequent Administration occurs after a probate administration has been closed. If someone realizes that not all of the deceased persons affairs were in fact wound up, a subsequent administration may be required.
If you have any further questions about the probate process, call us today.