“What is probate and is it really that bad?” It’s a frequently asked question that often elicits the common attorney response, “It depends.” Probate is a public court-supervised process for any assets in a deceased person’s sole name.
If the assets are under $75,000 (your homestead is considered zero for probate), then a summary proceeding can be opened, and I generally can get it done in 60 days. However, if there are any creditors, unhappy parties, or extraordinary circumstances, then it can be held up. It is important to hire an attorney that focuses on this area, otherwise, chances are it will take much longer. This can be a relatively easy process that ends with a court order distributing the assets to the beneficiaries. Of note, there is no personal representative appointed (commonly called executor in other states) as it is truly an expedited process.
A formal process is required for assets over $75,000 or perhaps when you are dealing with a lot of creditors or litigation. It is much more complicated, costly, and time-consuming. The minimum time that I have encountered is six months, but most average one year, especially when dealing with taxes. Also, an attorney is required for the duration of the probate and a personal representative is appointed who becomes the responsible fiduciary of any assets.
Some savvy readers may already know this, but a common myth is that a will and/or trust avoids probate. A will and/or trust does not prevent probate, they are merely legal directions for assets. Whether a person has a will or not, probate is needed to transfer any assets to the heirs or beneficiaries of the will. Likewise, if one has a trust, all assets must be titled in the trust, or a probate will have to be opened.
To sum it up, understanding and navigating the intricacies of probate in Florida can be a bit tricky, but it is very important. Remember, proactive estate planning is the key to preserving your legacy. Here’s to securing your family’s future and embracing the peace of mind that comes with a carefully designed estate plan in the Sunshine State.
Tara David, Esq. of Estate Law of Florida, P.A. is located at 2211 E. Sample Road (Suite 101) in Lighthouse Point. Visit elflorida.com, email [email protected] or call 954-951-7274 for more information. Tara David offers complimentary consultations for estate planning and probate matters.