What is summary administration? Summary administration is a form of probate proceeding. It’s a decedent or an estate is eligible for a summary administration if the assets of the decedent are less than $75,000 and that there are no outstanding creditors of the decedent. This excludes the homestead property. You can file to have the will admitted into probate or if there’s no will to have a end test state proceeding file to have the heirs determined.
Whenever they sign the petition for summary administration they’re stating that they’ll personally be responsible for the debts of the decedent if there are any because they’re stating that there are none. You can present it to the court and the court will, depending on what county you’re in, but may enter it within about 30 to 45 days after you filed the petition and you get the court order and then have the asset distributed to the heirs. If there’s homestead property you can file a petition for homestead.
The other time that a summary administration be filed is if the decedent has been deceased for more than two years, then it doesn’t matter the total amount. The assets and the statutory period for creditors has filed and they’re barred so you can file a summary administration after a decedent’s been deceased for two years.
If you have any questions about probate or a summary administration give me a call at 727-847-2288.
Can I do Probate without a lawyer. There is a short form where there’s two types of probated that you can do without a lawyer. One is a distribution without administration, that is where the amount of the funeral bill that you paid exceeds the amount of the assets that were in the decedents name, and you can take the death certificate and if there’s a will take the will. But take the paid funeral bill to the clerks office in the probate department and tell them that you wish to have an order of distribution without administration, present them with the bank account or the asset that you wish to have transferred and that way you can do that with the clerk. It’s called a distribution without administration.
You can attempt to handle a summary administration without an attorney, however there it’s a little more complicated, and trying to understand how to file the forms and that’s whenever the decedent did not have any debts and you sign a form saying that the assets are limited and you have all the beneficiaries sign off on it. Probably is not easy to do by yourself, but it is possible that you could do that. The probate judges in each particular county have particular aspects that they ask you to do and would probably be frustrated. You do need to have a lawyer whenever you do a formal administration, which means the assets are more than $75,000 and so it is possible for certainly very small matters. You can proceed with a probate with an attorney. So if you have any questions give me a call at 727-847-2288.
What is a Intestate estate, an intestate estate is whenever someone dies without a will. In the state of Florida if you die without a will the Florida statutes say who receives your, who the beneficiaries are of your estate, and so that is a intestate estate. To give you a little course or a preview of that is if you have a spouse the spouse may be entitled to one half or the entire amount if you don’t have any children by any other person or don’t have any spouse outside of marriage. If you do have children by a different marriage from this spouse well then the spouse gets half and all the children get the other half. If you don’t have any children then it gets a little more complicated.
If you have any questions about an intestate estate give me a call at 727-847-2288.
What is a testate estate. Well, testate is Latin word for testament, and that means that you have a will. So, whenever you go through a probate administration, you have a will that directs who the beneficiaries are and who you wish to leave your assets. So, if you have a will and a decedent, or when the decedent with a will, he has a testate probated administration the usually designates who the personal representative or executory is, and also who the beneficiaries are. So, if you have any questions about that, give me a call at 727-847-2288.
Do IRAs, 401(k)s, Keogh plans, pension plans, profit-sharing plans, and other retirement accounts proceeds avoid probate? The answer is yes, and the reason for that is there’s a designated beneficiary. It is akin to a life insurance policy that designates a beneficiary. Each one of these particular plans would, by contract, say, “Well, upon your death, this is …” You designate who you would like to receive these benefits, and so these assets do not go through probate, nor do life insurance policies, since there’s a contract and it designates the beneficiary.
The exception to that is if, for some reason, there is no beneficiary designated. Then, the assets would then pass to the estate of the deceased. If you have any questions about this, give me a call at 727-847-2288. Thank you.