Estate Planning | Probate is the judicial process in which a judge assigns a supervisor to be responsible for your estate. There are several reasons why you might have to go through probate, and it’s an important part of estate planning to understand it’s purpose.
In Florida, there is a streamlined process when the value of a decedent’s estate is less than $75,000 — otherwise known as summary administration. For example, if a Florida resident dies with $60,000 in the bank or with assets, but their homestead residence is worth $200,000, the heirs can still take advantage of Florida’s summary administration since their estate is less than $75,000.
Most importantly, if there is no will filed — no matter what value or size the estate is — it is necessary to assign a probate that can determine the beneficiaries and properly distribute assets to parties involved. A lawyer can help determine your best course of action and advise you on the most efficient processes.
Once probate begins, you will have to go through a series of steps, including compiling a list of assets, paying any filing fees and liquidating real estate or investments.
Probate court can also help you determine the validity of wills and other claims against the estate. If there is no will in place, a probate judge will appoint an administrator of your estate, and can also assign a guardian of your children and how the assets will be distributed. Therefore, a clearly written and legally binding will is the best course of action when planning for your future.
It’s first important to understand that probate laws differ from state to state. Contact the law offices or Mortellaro Law. As experts on Florida estate planning, we can offer guidance and peace of mind during this complicated process. Contact an estate planning attorney you can trust.
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