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SpinDistribute.com Article Directory

The following article was published in our article directory on April 20, 2015.
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Florida Probate Summary Administration vs Formal Administration

Article Category: Home Management

Author Name: Robert Weglewski

When a person dies, he does not only leave memories and his surviving family members behind. He also leaves behind all the things he worked for and owned. Things like houses, jewellery, and bank accounts. These things have to go somewhere or to someone.

If the person who died left a signed will clearly dividing all his assets among his surviving family members then things will be easier. The court will be able to divide the assets accordingly. Although, there are instances when death comes at a time where someone is yet to even think of writing a will. The assets, in this case, are left without an immediate successor.

What happens to these assets left behind? More importantly, what happens to the estate? Who gets to keep the land or who distributes it to the children? This is where the probate process comes in.

Probate is the process of settling the assets left behind by a person at death. This would involve creating an inventory of his assets, paying debt and taxes, having the property appraised, and distributing the property to the decedent's beneficiaries. This process can go two ways in Florida, probate summary administration and formal administration.

A formal administration can be filed within two years of a person's death. This procedure is also applicable when the value of the probate estates exceeds $75,000. Probate estates are the assets that are under the decedent's name alone. Properties that have co-owners do not count as a probate asset. Also, probate assets are only for assets that do not have declared beneficiaries.

The living spouse or child can file a petition for administration where he can stand as the executor or representative to settle the assets. This way he can divide the assets among the decedent's other beneficiaries.

The Florida probate summary administration can be used when the probate assets do not exceed $75,000 and the decedent has been gone for more than two years. This means that the decedent can own $250,000 in gross estates and the Florida probate summary administration can still be used.

Both administration can only apply to assets that are in Florida. Probate summary administration qualifies petitioners that are non-residents of Florida as long as the estate in question is within the state.

Aside from the difference in terms of the value of the probate assets, these types of administration varies greatly in the time it takes to finish the process. A formal probate process can last from 6 months to a few years. This would depend greatly on the level of complication in settling the probate assets.

A Florida probate summary administration process can finish in a few weeks, the maximum time would be in a month or two. It's cheaper and less time-consuming.

However, although an estate can qualify for a summary administration, there are certain cases when filing a petition for a formal administration will be more beneficial. In order to determine the best steps to take in a given circumstance, it would be wise to consult with a Florida probate attorney.

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