Did you Know? Types of Probate Administration

DID YOU KNOW? 

Depending on the facts, types of assets, and location of assets, there are four (4) types of probate administration that can apply to a decedents estate.

1. Formal Administration: Is the most comprehensive type of estate administration that is used for estates that will not qualify for a simplified procedure. This type of administration is required when (a) value of the estate exceeds $75,000, excluding exempt assets (homestead, some personal property, vehicle(s), disability, college tuition), (b) significant debts were left by the decedent, or when (c) formal oversight is needed for complex issues (such as legal disputes, selling property or vessels).
   
   Formal Administration requires the appointment of a Personal Representative to carry out various duties and powers in order to administer the estate. The personal representative is appointed by the court to collect assets, pay debts, and distribute estate property to beneficiaries. The process requires court filings, notice to creditors and interested parties, filing out necessary checklists, among various other possible responses, which may require professional assistance.

2. Summary Administration: is a simplified administration of probate process, typically for smaller estates and when all beneficiaries agree on how assets should be disbursed. A summary administration may be filed when (a) the value of the estate less than $75,000, excluding exempt assets, of (b) the decedent passed away more than two years prior, as creditor claims are barred thereafter. See Fla. Stat. § 733.201.
   
   Summary Administration does not require appointing a personal representative, whereby petitions summarizing estate assets and the distribution plans. This is a faster, less expensive, and more straightforward administration and asset distribution.
   ‍
3. Disposition of Personal Property without Administration: is the least formal type of probate administration, which can allow certain property to bypass probate. This is only applicable if (a) an estate does not have any real property, or (b) the only estate assets are exempt property. See Fla. Stat. § 733.301.
   
   Heirs or beneficiaries submit proof of payment of expenses (funeral or medical bills), then file a request to the court to obtain permission to claim the property. Typically for estates that have little assets. Although a quick and cost-effective process, it is limited in applicability.
   ‍

Another type of probate administration is an Ancillary Administration. This is typically for decedent that was non-resident of Florida, but owned real property, had physical assets, or other property located within the State that cannot pass outside of probate. First, a domiciliary administration (probate proceeding in decedent's home state) needs to have been started. Then either a formal or summary ancillary administration would need to be filed in the county that the assets are located. After claims against the Florida estate are resolved, then remaining assets are transferred pursuant to the decedent's last will and testament, or pursuant to intestate laws. See Florida Statutes Chapter 734.
‍

If you have questions regarding whether you qualify to serve as a personal representative for an estate, contact our Twig Department at (888)ASK-TWIG for more information.

Read more about being appointed Personal Representative in this Article.

Learn more about avoiding probate in this related Article.

‍

Like and follow us on Instagram, @The.terra.attorney and @TwigLaw.
‍Like and follow us on Facebook, @the.terra.attorney and @TwigLaw.

‍