Many times, during initial office consultations, potential clients want to know how long it takes for a Florida Estate to be completely administered through the Probate process. There are several factors that will affect the length of time that it takes to administer a Florida Probate Estate. One issue is the number of creditors: how many creditors and what type of creditor claims are filed against the Estate. Once a creditor claim is filed, the Estate, through the Estate’s Personal Representative, is required to assess the validity of the claim. The Personal Representative also needs to determine if the claim is secured, such as a mortgage, or unsecured, like most creditor claims.
Florida Statute §733.701, provides that every Personal Representative must publish and serve a notice to all reasonably ascertainable creditors. This means that any creditor that you, as Personal Representative, are aware of must be given notice of the administration of the Estate. This is typically done by certified mail. The purpose of the notice to creditors is to place any prospective creditor of an Estate on notice that they have a certain time period in which to file a claim. If the creditor fails to timely file a claim, that creditor is forever barred from filing a claim, and that creditor cannot recover any funds from the Estate. This process must be followed according to Florida law. This is one of the reasons you should seek the advice of a knowledgeable and experienced Florida Probate and Estate Attorney.
The essential question that every Personal Representative should ask is, how long does the creditor have to file a claim? The time frame in which a creditor has to file a claim is also dependent upon many factors. Florida Statute §733.702, provides that a creditor must file their claim within thirty (30) days of service of the notice to creditors, or three (3) months after the first publication of the notice to creditors, or the later thereof.
There are certain situations where legitimate creditors may accept a lesser amount than the claim amount. You should have your Florida Estate Attorney assist you in this process before you pay any claim.
Also, it is very important that you are aware of the notice that must be provided to known legitimate Estate creditors. If you, for example, file a Petition to Determine Homestead Property and/or a Petition to Determine Family Allowance, copies must be served by certified mail on any known legitimate Estate creditors.
There also should not be any distributions from the Estate to the Estate beneficiaries until all legitimate claims are resolved by payment, and obtaining a satisfaction and release from the creditor, or the filing an objection to a questionable or non-valid claim and a resolution of the challenged claim.
Therefore, it is vital for the Personal Representatives to provide to their Florida Probate attorney a clear understanding of who might be considered a reasonably ascertainable creditor of the Florida Estate. If such persons or entities are not properly served with the notice to creditors, then an Estate may have potential creditor issues throughout the administration of the Florida Estate, or even worse, after the Estate is closed. The latter situation could create the unpleasant prospect of re-opening the Estate, and incurring fees and costs that otherwise could have been avoided. Therefore, it is very important that you consult with an experienced and knowledgeable Florida Probate and Estate attorney to understand the process of Estate administration in the State of Florida and the Florida Probate Administration Process.
If you have any questions about this, or other Guardianship and/or Probate Administration matters, please, contact Ann Marie Gilden, Esquire of Ann Marie Giordano Gilden, P.A. at (407) 732-7620, and visit my website at www.AnnMarieGildenLaw.com.
This information is provided only as educational materials, and does not constitute the providing of legal advice, and does not create any attorney client relationship.