What is the Probate Process?
After someone dies, their estate enters probate, which is the court-supervised process in which the deceased’s assets are distributed to bill collectors, taxes, and inheritors. While it’s court-supervised, the court usually won’t get too involved unless there is fighting among family over the estate or creditors have issues.
The probate process in Florida tends to be somewhat easier than in other states, as Florida is one of 16 states who have adopted the Uniform Probate Code (UPC). The UPC is a way to streamline the process, simplify it, and give executors more flexibility. In a UPC state like Florida, there are three types of probate: Informal, unsupervised formal, and supervised formal.
Informal Probate
An informal probate process can be used whether there’s a will, and regardless of the size of the estate. It does not involve any court proceedings. However, if someone is contesting the proceedings, this process cannot be used.
To get started in this process, the person designated to be the executor of the deceased’s estate must apply to the court and be approved. Approval should move forward unless it’s being contested, deadlines are missed, or the deceased person’s will does not appear to be valid.
The person approved will be granted authority through documents usually titled Letters Testamentary or Letters of Administration. These documents are often referred to as “letters,” for short. If you’ve been approved to have authority over an estate through this process, there are a number of steps that need to be taken to move forward.
First, formal written notices of the probate must be sent out to inheritors, heirs, and creditors. An inventory and appraisal of the estate come next, where the value of the assets is determined. Some of this may require experts to come in and appraise things. The administer of the estate is responsible for keeping it safe during the probate process.
Once you have determined that the estate can settle all creditors, administration fees, and tax collectors, the estate can start to be divided among the inheritors. Once that process ends, you can move to close the estate and end the probate. This is done through a document known as the final accounting, which is essentially a record of how you handled the estate. You’ll also need a closing statement, which is a record of everything that has been paid out and given to creditors, taxes, heirs, etc. Should this process move along smoothly, without contestation, your job in the probate process is over.
Unsupervised Formal
This is the traditional court proceedings that usually accompany probate. It’s more expensive than informal probate and is usually done because someone is contesting the process. This could be family members fighting over the estate, disputing how it’s being handled, or even creditors who don’t think there is enough money to cover everything. In these cases, there needs to be a hearing before you can be authorized to oversee the estate. Notices for the hearing have to be sent to all interested parties. Anyone who objects to you in this position will be able to speak against you at the hearing. The court’s permission may be needed in order to move forward with the estate in terms of selling assets or property.
Supervised Formal
In this case, the court becomes involved because they feel it’s necessary. This could be for a number of reasons, including having a beneficiary who is unable to look after their assets. The proceedings are similar to unsupervised formal, and again, permission may be needed from the court in order to move forward with selling property or distributing assets.
Contact The Mattar Firm
At The Mattar Firm, our experienced estate planning attorneys can guide you through the process of establishing an estate plan. Contact our estate planning attorneys now at 239-222-2222.