Losing a loved one is never easy and managing their financial and real estate matters in the aftermath can make matters even more overwhelming. Navigating probate and trust administration is often a complex process; however it is necessary to ensure assets are distributed according to the decedent’s wishes. Understanding the steps involved can make this journey smoother and less stressful for you and your family.
About Probate and Trust Administration in Florida
Probate is the legal process of settling a deceased person’s estate, including validating their will, paying off debts, and distributing remaining assets to heirs. Trust administration involves managing and distributing assets held within a trust as dictated by the trust’s terms.
Under Florida law, there are two main types of probates Summary Administration and Formal Administration. Summary Administration is a relatively simple and concise process for estates with less than $75,000 in assets or where the decedent has been dead for over 2 years. Conversely, Formal Administration is far more complex and applies to larger estates.
Steps in Probate Administration: What You Can Expect
Step 1: Filing the Will
If the decedent passed away with a valid Last Will and Testament, the first step is to file the Original Will with the clerk of court in the county where the decedent lived.
Step 2: Identifying and Valuing Assets
In order to determine which type of Administration its required, all assets of the decedent must be identified and valued. This includes, but is not limited to, bank accounts, real property, and personal property.
Step 3: Appointing a Personal Representative
The next step is to Petition the court to appoint a personal representative (executor) to oversee the estate. Often, this person will be named in the decedent’s will, if one exists. If no will exists or a Personal Representative is not nominated in the decedent’s will, the Personal Representative shall be the decedent’s surviving spouse. Where there is no surviving spouse, it shall be a person selected by a mrjority in interest of the heirs of the estate, or the heir in the nearest degree.
The Personal Representative oversees the administration of the Estate and manages tasks such as identifying and gathering assets, paying debts, and distributing property.
This step only applies to Formal Administration. No Personal Representative is appointed for Summary Administration.
Step 4: Notifying Creditors and Settling Debts
In Formal Administration, a Notice to Creditors is published for two consecutive weeks in a publication that circulates in the county where the decedent resided. The Notice to Creditors is also served on any known potential creditors of the decedent. Creditor claims are then paid along with any taxes due or expenses owed.
Step 5: Distributing Assets
Once debts and taxes are settled, the remaining assets are distributed to the beneficiaries named in the will or determined by law.
Steps in Trust Administration: What You Can Expect
Compared to Probate, trust administration can be a more streamlined process. This is because assets in a trust typically avoid court oversight. However, it still requires careful attention to ensure compliance with Florida law and the terms of the trust.
Step 1: Gathering Trust Documents
It is essential for the trustee to review the trust document to fully understand their responsibilities and the trust’s distribution scheme. As trusts are often complex documents, it may be necessary to consult with an attorney in order to properly interpret the document.
Step 2: Notifying Beneficiaries
Beneficiaries must be notified of the trust administration process, including their right to an accounting of the trust assets and to a copy of the trust document.
Step 3: Managing Assets
The trustee collects and manages trust assets, paying debts and expenses as necessary.
Step 4: Distributing Trust Assets
Assets are distributed according to the trust’s terms. Absent extenuating circumstances, this is done without any court involvement..
Important note: The above-mentioned steps are just a guideline of expectations if everything goes as planned. Disputes, creditors, and other interested persons can add steps to the probate and trust administration processes.
How an Florida Probate Attorney Can Help
The legal and financial complexities of probate and trust administration can be daunting, particularly during an emotional time. Florida probate and trust attorneys at Woodward, Pires & Lombardo, P.A. assist clients with every step of these processes, ensuring estates are administered smoothly and final wishes are honored.
Our attorneys work closely with fiduciaries, helping them fulfill their duties responsibly and efficiently. From guiding you through the probate court system to ensuring trust compliance, we provide the support you need during this challenging time.
If you’ve recently lost a loved one and need assistance with probate or trust administration, contact Woodward, Pires & Lombardo, P.A. today. Attorneys Anthony J. Dimora, Dominico R. Palma and Mary C. Brockman are available to help with your probate and trust administration needs. Let us help ease your burden and navigate the process with care and expertise.