Summary Administration Florida
With proper estate planning an individual can rest assured that their estate will be able to avoid the probate process all together. But what happens if a loved one did not have any estate planning documents in order? Well, then generally their estate is going to be required to pass through probate.
Fortunately, if the deceased individual primary resided in the State of Florida there may be a quicker and cheaper alternative to the formal probate administration process called Summary Administration which is governed by Chapter 735 of Florida Statutes.
Summary administration streamlines the probate process by (i) not appointing a personal representative, (ii) not requiring a formal Notice to Creditors publication, and (iii) also does not require a three month creditor claims period.
However, not all estates qualify for summary administration nor should every estate who qualifies for it pass through summary administration either.
The estate planning attorneys at the Finity Law Firm can help guide you through these issues and let you know if your estate is eligible for a Summary Administration.
Handling Debts through Summary Administration
If the estate qualifies only because its value is less than $75,000 for summary administration, then all estate debts must have been settled or payment arrangements must have been made prior to the conclusion of the case.
Therefore, you will be asked to clarify in the petition any known creditors and whether or not they have been paid or that provisions have been made for payment.
Larger estates may qualify for summary administration if the deceased has been dead for greater than two years.
After two years, unsecured creditor claims are barred and the formalities of formal administration are no longer required by the State.
What are the Summary Administration requirements?
In order for an estate to qualify for summary administration, the estate must contain less than $75,000 of non-exempt assets and/or the decedent must be deceased for greater than two years.
Protecting the Homestead Property
While attorney representation is not required for the summary administration process, it is highly advised to seek counsel if the decedent primarily resided in Florida.
Reason being is that homestead exemption is not automatic and can be lost if not properly filed.
Get in touch with our Law Office today
We understand that you may feel stressed with questions when your loved one died.
You must contact our law firm today to learn about how the Summary Administration works in Florida and take the support of our attorneys to handle your matters.
To explore your options, contact our Law Firm if you need assistance contesting the acts of an executor or navigating the probate process.
References
[i] http://www.floridaprobatesecrets.com/summary-administration/
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