What Is Simplified Probate in Plantation?

Many families in Florida are aware that probate is complex, stressful, and expensive. What if there were a simpler way to handle this process? Could you qualify for “simplified probate” in Plantation? This is a relatively common question, and you might want to explore the subject further alongside an experienced probate lawyer. These legal professionals can explain the probate process in more detail, and they may even help you avoid it entirely.

Summary Administration Explained

The legal term for simplified probate in Florida is “summary administration.” This process is faster and more efficient compared to probate, but it achieves the same basic goals. These include the payment of debts held by the decedent and the distribution of remaining assets to the beneficiaries. In theory, the speed and efficiency of summary administration make it cheaper for families.

Only Certain Families Qualify for Summary Administration

Although summary administration might seem like an attractive option for families in Florida, eligibility requirements make this impossible for many. First, estates only qualify for this process if they are worth $75,000 or less. Note that this is the net value of the estate after accounting for debts. For example, an estate might have $100,000 in assets and $25,000 in liabilities. This would result in a net value of $75,000, and the estate would still qualify for summary administration.

Furthermore, exempt property does not factor into these calculations. In Florida, personal residences are protected by the homestead exemption. Personal vehicles may also be exempt from these calculations. The personal residence is the most valuable asset for most families. Contact a probate lawyer to discuss your exempt assets and your non-exempt assets to determine whether you qualify for summary administration. It may be easier to qualify than you realize.

There is another way in which estates might qualify for summary administration: The testator has been deceased for more than two years. As a result, you may consider the benefits of waiting for two years before engaging in this process. Normal probate can take up to one year to complete, so there may not be much of a difference in terms of timelines. That said, only certain people may have the right to petition for summary administration, including beneficiaries or the personal representative.

While waiting two years might seem like a smart way to save on legal fees, some beneficiaries may want to inherit their assets as soon as possible. This may need to be a group decision involving the entire family. If you are creating an estate plan for the first time, you may be able to help your family avoid all or most probate processes by simply creating a trust.

Can a Probate Lawyer in Plantation Help Me?

A probate lawyer in Plantation can help you understand whether you qualify for summary administration. Although this process is reserved for relatively small estates, it could be a viable goal for certain families. Even if you do not qualify for summary administration, you can still explore various strategies to avoid probate altogether. Discuss this subject in more detail by contacting 411 Probate today.

Sources:

 floridabar.org/public/consumer/pamphlet026/

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0700-0799/0735/Sections/0735.203.html