Whether a Florida estate needs to go through the process of Probate Administration will depend on the circumstances of the estate.
Typically, an estate will need to go through Probate Administration if the decedent owned any property in his or her sole name. That means, that there are no other joint owners, designated beneficiaries, transfer on death designation, in-trust for designation, or a payable on death designation. An estate will need to be opened and Probate Administration occurs in order to allow the decedent’s heirs to receive the assets in those particular accounts. However, in the event that there is a joint owner, designated beneficiaries, transfer on death designation, in-trust for designations, or a payable on death designation, those accounts would transfer by operation of law and would not require the estate to be subject to Probate Administration for the transfer of those assets to occur.
Types of Probate Administration
In Florida, there are typically two types of probate administration, Formal Administration is necessary when the decedent has an estate with assets in excess of $75,000.00. Another type of Probate is for estates valued at $75,000 or less. In those cases, the estate typically can be probated as a Summary Administration. Summary Administration must also be used, pursuant to Florida Law when a decedent has been dead for two years or more.
If the decedent owned any property in his or her individual name as a tenant in common with others, then in most cases the decedent’s tenant in common share will need to go through Probate Administration to distribute that particular asset out of the decedent’s name and into the names of the decedent’s beneficiaries. A Florida Summary Administration can also apply to a tenant in common interest as long as the decedent’s fractional share is valued at less than $75,000.00.
Wills and Trusts in Probate Administration
If the decedent did not have a valid Last Will and Testament (died Intestate) at the time of his or her death and owned property, either in his or her name only, or as a tenant in common, then in most cases the assets will need to go through the Probate Administration process in order to distribute them out of the decedent’s name and into the names of the decedent’s heirs at law. The Summary Administration also typically applies to an intestate estate as long as the value of the decedent’s property is less than $75,000.00.
Even if the decedent has a valid Last Will and Testament (died Testate) at the time of his or her death, and owned property, either in his or her name only, or as a tenant in common, then in most cases the assets will need to go through the Probate Administration in order to transfer the property out of the decedent’s name and into the names of the decedent’s beneficiaries named in the decedent’s Will.
However, if the decedent had a Living Trust, and specific assets that otherwise would have been in the estate, were titled in the name of the Trust, Probate Administration of those specific assets usually will not be necessary. The Trust assets may be transferred though the administration of the Trust pursuant to the distributive provisions of the Trust, without the necessity of Court probate proceedings. That is one of the advantages of utilizing a Trust. There still must be a Trust Administration, which typically is not part of the Court process.
If you have more questions regarding an Estate Administration matter, you may call Ann Marie Giordano Gilden at Ann Marie Giordano Gilden, P.A. on 407-732-7620 and set an initial consultation. You may also visit my website at: https://www.annmariegildenlaw.com
This article is for informational purposes only and does not form an attorney-client privilege.