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Understanding Probate
When a loved one dies, we are left to mourn the passing. For many of us, this emotional time is difficult to withstand. Unfortunately, we must also deal with the added stress of managing the deceased’s estate.
This task is made even more challenging by the newness and unknown of the probate process. Here is a general outline of what you can expect during this time.
Defining Probate and the Process
The term probate simply means a legal document. It’s the first step in administering a decedent’s estate through the court system. Essentially, it serves the purpose of legally distributing and dividing the assets among the beneficiaries listed in the will.
In Florida, the person responsible for this administrative role is called a Personal Representative. That person is named in the decedent’s will and therefore is granted, through the courts, the rights, and responsibilities of all things pertaining to the estate.
The Personal Representative’s Responsibilities
Unfortunately, death often leaves a number of unresolved issues. These things, along with the wishes and desires included in the decedent’s will, must be addressed by the Personal Representative. This individual is chosen by the decedent via inclusion in the will.
Personal Representatives can choose not to serve in that capacity as there are many duties attached to the position. These include:
- Contacting all creditors, determining which debt claims are valid and paying them accordingly. In addition, the Personal Representative will be required to dispute all invalid claims and publish legal notices.
- Handling homesteaded property according to the laws of the state.
- Abiding by strict timelines for filing and objecting to claims.
- Verifying that there are no pending lawsuits.
- Selling real estate or other property to pay debt, or distribute according to the will.
- Taking gift, estate and inheritance taxes into consideration when assessing the estate’s net value.
- Transferring other assets like life insurance, safety deposit boxes and savings account monies to the beneficiaries.
- Respecting the rights of the beneficiaries and distributing the estate’s assets according to the directives included in the will.
- Paying administrative costs prior to asset distribution.
Applying for Probate
Because probate is a legal document attached to legal proceedings with significant ramifications, it’s important to be prepared for the application process.
Probate can be avoided when the size of an estate is quite small. However, when it exceeds court specified values, it is necessary for the Personal Representative to apply for probate.
Some states require legal representation in probate applications. When that occurs, the complexity of the will is not a deciding factor. In general, most Personal Representatives are not attorneys and therefore it is in their best interest to seek out the assistance of someone well-versed in probate procedures.
If you have been appointed Personal Representative of an estate, you’ll want to contact an attorney right away. Estates And Probates can help you find a qualified probate attorney. Contact us today to find the best professional for your current situation.
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