Common Questions About Probate Answered By A Florida Probate Lawyer

What is Probate?

When a loved one passes away, his or her estate is often required to go through a court-managed process known as “Probate” or “estate administration” where the decedent’s assets are managed and distributed to the beneficiaries. The length of time necessary to complete Probate of an estate in Florida depends on the complexity and the size of the estate as well as the rules and schedule of the Probate court that is handling the case.

When it comes to Probate, every estate is unique. However, most Probate cases in Florida involve the following steps:

• Filing of a petition with the Probate court.
• Notifying the heirs named in the decedent’s will or the statutory heirs (if no will exists).
• Filling a petition to appoint an executor or administrator for the estate.
• Inventorying and appraising the estate assets.
• Paying off estate debts owed to creditors.
• Selling estate assets (if necessary).
• Paying estate taxes (if applicable).
• Distributing the estate assets to the beneficiaries.

Can I avoid Probate?

If one of your loved ones passes away owning his or her assets through a properly drafted and funded Florida Living Trust, no court-supervised administration of the estate may be necessary. However, the successor trustee needs to administer the distribution of the decedent’s estate.

What happens if there is an objection to the will?

An objection to a will, known as a “will contest,” is a common occurrence during Probate proceedings and can be unbelievably costly to litigate.

In order to contest a will, an individual needs to have legal “standing” to raise objections. This typically occurs when, for example, a decedent’s children are to receive disproportionate shares of the estate in accordance with the will, or when distribution schemes change after a will is modified. Additionally, will contests can target the person designated to serve as executor.

Will Probate administer all of the decedent’s property?

Probate is mainly a process through which title is transferred from the decedent’s name to the names of the beneficiaries. However, not all assets are required to be distributed through Probate. Certain types of assets, known as “non-probate assets,” will not go through Probate and can be directly distributed to the beneficiaries. These non-probate assets include:

• Property in owned by “joint tenants with right of survivorship.” Such property passes to the co-owners upon the decedent’s death by operation of law and Probate is not required.
• Retirement accounts, such as IRA and 401(k) accounts, as long as there are designated beneficiaries.
• Bank accounts with “pay on death” or “in trust for” designations.

• Life insurance policies.

• Property owned by a living trust. Legal title to such property will pass to successor trustees upon the decedent’s death without having to go through Probate.

Are executors paid for their services?

Generally, executors are reimbursed for all legitimate expenses out of their own pockets incurred in the process of managing and distributing the decedent’s estate to the beneficiaries. Additionally, executors may be entitled to statutory fees, which usually vary from location to location and depend on the size of the estate being handled.

How much does Probate cost and how long will it take?

The duration and cost of Probate in Florida can vary substantially depending on a number of factors, including the complexity and value of the decedent’s estate, whether the decedent left a valid will, and the location of real property owned by the estate.

Additionally, will contest or disputes with alleged creditors over debts owed by the decedent’s estate can sometimes be costly and time-consuming.

Typically, the expenses of an estate going through Florida Probate include attorney fees, court fees, executor fees, accounting fees, and appraisal costs, among others. These expenses usually add up to 2% to 7% of the total value of the estate.

Assuming there is no litigation involved and everything goes smoothly, most estates are typically settled through Florida Probate in 9 to 18 months.

Get in Touch with Probate Experts!

At Jurado & Farshchian, P.L., our team of Probate experts has successfully handled several Florida Probate cases over the years and we can certainly handle yours.

Contact us today by calling (305) 921-0440 or by sending us an email to [email protected].

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