In contrast to Summary Administration, Florida’s Formal Administration probate procedure is required for estates larger than $75,000.00 and when the decedent has been passed for less than two years. Although not always required, Formal Administration is a good idea to invoke when you have more complicated estates, challenges to creditor claims and can be easier if your estate requires that you work closely with third parties (examples include foreclosure, insurance related issues etc…).
Although the every Formal Administration in Florida will be somewhat different they will all pass through the same basic stages:
In order to open your Formal Administration in Florida we will prepare and file the following:
After the creation of your Formal Probate we will help you begin to administer the estate. This stage typically deals with the following:
After opening a probate and creating the mechanisms for the Probate process to move forward correctly the next stage is to perform an inventory of the assets for the benefit of the Court and the beneficiaries.
Florida law sets forth the general procedures for a Probate Administration and provide guidance for a Personal Representative regarding the responsibilities required to probate an estate. Many people are surprised to learn the scope of responsibilities of a Personal Representative in Florida. Typically we stress to our Clients that a probate really has three fiduciary categories of folks who are owed a duty of good faith and fair dealing by the nominated Florida Personal Representative. These categories include (1) the creditors of the estate (2) the IRS (3) the beneficiaries. In a broad sense, Florida Law empowers a Personal Representative to manage the assets of a decedent for the benefit of creditors, the IRS and beneficiaries.