In this article, you can discover…
- When probate is required by Florida law.
- How assets are identified and tallied during the probate process.
- Steps you can take to make the probate process smoother for your family.
When Is Probate Required Under Florida Probate Law?
Probate is required when you find assets of a decedent that have not passed automatically to some other party (such as to their spouse or their children) through beneficiary provisions. Probate will be needed to get control of that asset and determine who it will go to.
Likewise, if you die and own something in your name, probate will be needed. While a trust avoids the probate process, it will still need to be administered by someone you trust, who can handle the finances, act on your wishes, and respect the terms of the trust.
Trusts can be helpful for the especially wealthy, but I don’t recommend them for everyone. For one, when you set up a trust, you must transfer assets into the trust. What’s more, you no longer legally own the asset held by the trust; the trust owns it.
How Are Estate Assets Identified And Collected During Florida Probate Proceedings?
The process can be different in every family. I have many clients who have an elderly parent pass away, and they head over to their condo to go through their mail and belongings. Oftentimes, they’ll find a small envelope with a key in it.
They’ll bring it to me, and I let them know it’s a safe deposit box key. Along with your parent’s personal representative, you can head to the bank with the key and access what was held within it. If there’s no key, the box will have to be drilled into.
To make collecting assets and paying debts easier, I also advise that you put a trusted adult child or trusted sibling onto your checking account. That names them as co-owners of the account, allowing them to access funds to pay bills or pay for funeral expenses prior to probate.
For estates with greater wealth, a trust will usually be more appropriate.
Attorney Phillip A. Roach, Esq. is a respected, veteran estate planning attorney serving Florida. Since 1988, he’s helped clients just like you navigate estate planning and probate in Lee County, locate assets, and ensure the process moves as smoothly as possible.
Have questions, or in need of legal guidance in Lee County or Collier County? Contact Phillip A. Roach, Attorney At Law for an initial consultation today.
How Are Creditors Notified And Handled During The Florida Probate Process?
During a probate, the personal representative is required to publish a notice to creditors, which goes in the local newspaper within the county where we’re probating the case.
If you notice that your relative had a fairly low credit card bill of, say, $500, it’ll be easier if you simply pay it off. The same with smaller co-pays from hospital visits. You don’t want them to file a claim with your loved one’s estate.
Debt collector firms also use advanced software to scan online records to determine if someone has passed away. Once Bank of America or Visa determines your parent has passed away, they’ll simply file claims with their estate along with instructions on paying back that debt.
What Steps Can Florida Families Take To Simplify And Streamline The Probate Process?
The best step to take is to reach out to an experienced Florida probate attorney for help navigating the process, understanding Florida’s laws, and determining who has a legal right to any assets.
A knowledgeable lawyer will help you understand and apply any applicable homestead laws, help you manage creditors, notify the bank, and take any and all steps needed. A lawyer can also advise you on when to conclude the probate process, especially if property is involved, to help make the process as simple as possible. It’s always easier to leave probate open than to re-open a case, and an experienced lawyer can help you make the simplest and smartest moves possible.
Still Have Questions? Ready To Get Started?
For more information on Lee County probate attorneys, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (239) 990-2024 today.
Attorney Phillip A. Roach, Esq. is a respected, veteran estate planning attorney serving Florida. Since 1988, he’s helped clients just like you navigate estate planning and probate in Lee County, locate assets, and ensure the process moves as smoothly as possible.
Have questions, or in need of legal guidance in Lee County or Collier County? Contact Phillip A. Roach, Attorney At Law for an initial consultation today.
