What is Probate?

Probate is the process of settling the deceased person's affairs. This means collecting up their assets, paying their debts, distributing the assets to beneficiaries, and, sometimes, selling assets in order to accomplish the previous two actions.

The person who begins these actions is the deceased's personal representative (called the executor in some states). If the deceased had a Last Will (Will), this is someone who is chosen by the deceased individual in their Will before they die. If there is no Will, or if nobody is named in the Will, then someone, typically a family member, can volunteer or the court might ask someone to take on those responsibilities.  There is an order of priority for who may be appointed personal representative, which is contained in the Florida Statutes.

Background Information About Probate

There are two main forms of Probate:  formal administration and summary administration. While there are various differences, the main consideration is how much the estate is worth. Generally, if it's worth more than $75,000.00, formal administration is the only option unless the deceased passed more than 24 months prior. Smaller estates can be served best by Summary Administration, where asset value (excluding exempt property) does not exceed $75,000.00.

There are some other considerations, such as the number of creditors involved, and whether assets may need to be sold out of the estate to cover the decedent’s outstanding debts, taxes, or legal expenses. 

You also need to think about  which assets are impacted by Probate. As a general rule:

• Assets owned only by the deceased are subject to Probate.
• Assets jointly owned are usually not subject to Probate.
• One exception is if the assets are jointly owned by someone who has already died. In that case, they are subject to Probate.
• Assets in a revocable living trust are usually not impacted by Probate.

As you can see, the situation can be complex, depending on the specifics involved.

Documents Needed to Begin The Probate Process

Before Probate can begin, the personal representative will need to gather various documents. Here is what you will need:

• A certified copy of the death certificate
• Any bank or financial statements for the deceased, including investment or retirement accounts
• A list of assets held by the deceased
• Titles or registrations of the deceased's vehicles, vessels, and/or mobile homes
• A current list of debts, such as mortgage loans, car loans, personal loans, etc.
• A list of any liens against the home or any other personal property
• Copies of bills for credit cards, utilities, medical bills, etc.
• Receipts from the funeral, burial, and/or cremation
• The original (best if available) or copy of the Last Will and Testament

Once you've compiled these, you can consult with a Probate attorney to determine which type of administration is suitable and to get the process started.

Sources

• https://m.flsenate.gov/Statutes/733.301 

"The information provided herein is simply a brief overview of the Florida law on this particular matter. It should not be relied upon for legal purposes, as the facts and circumstances to any specific legal matter may vary substantially from the limited explanation and application of often complicated legal rules and principles that may be addressed herein, or applicable in your particular legal matter. You should only rely upon legal advice provided to you by a licensed attorney who has had an opportunity to fully evaluate your particular legal matter".