When Is An Estate Too Small For Probate?
Video Summary
Is an estate too small to probate? Anytime that there’s an asset in the name of the decedent, and there was no designated beneficiary. It has to go through some sort of probate proceeding. Now, the answer, to the question is, you don’t want to pay the lawyer or someone to handle the probate that costs more than the asset that you’re trying to have passed to a beneficiary. There are various, small estate, administrations, if the assets less than $10,000 and the funeral bill has been paid, then you may be able to proceed with the court and get a distribution without administration, without going through a formal type of probate. If the assets exceed the $10,000. And however, they’re less than $75,000 and provision has been made to pay all the creditors. Well, in that event, you can file what they call a summary administration, which is a short version of probate and is fairly quick and is less expensive than what they call a formal administration.
If the assets exceed $75,000, or that there are creditors that no provisions has been made for, then you would go through what they call a formal administration, where you have letters of administration issued to the executor, and you give notice to creditors. You have the claims filed, you have the beneficiaries to determine, and if there’s real property involved, you have the property declared to be homestead, which may be exempt from the claims of creditors. So then if, even if it’s so small that it doesn’t make any sense to even go to a smallest state administration, after a certain amount of time, the asset may be forfeited unless it’s real estate and go to the to the state of Florida. And they have a treasure hunt after two or three years where you could possibly apply to obtain the asset. Once it’s forfeited to the state of Florida. If you have any questions about probate, give me a call at (727) 847-2288.
- Published in Estate Planning, Probate, Videos
How Much Does Probate Cost?
Video Summary
How much does probate cost? That’s always a big point, in that the Reader’s Digest in the past has talked about how the lawyers get 50% and the government gets the other 50%, and it takes seven years for everybody to fleece the estate. However, that’s not the case. If you have probated assets or assets that are just in your name alone when you pass away, the Florida statutes prescribe that a reasonable attorney fee is 3% of the assets. There are certain minimum fees for handling a probate proceeding, and also prescribes that there is a 3% fee to the personal representative or executor of the estate. You’re looking at 6% of the assets.
There are two types of probate proceedings. One is a formal administration, which takes approximately six months to a year depending on how complex it is, and also a summary administration when they’re assets of less than $75,000 excluding the homestead and a provision is made for creditors. Either no creditors or you’re making provision that they be paid. And depending on which type of proceeding is involved will also affect how much the attorney fees will be. The court costs for a probate proceeding run between about 500 to 800 dollar court costs and administration costs, other than the attorney fees.
Rather than giving you a number in this video, give me a call. Let me know what assets are in the estate, and I’ll be glad to talk to you over the phone and give you a quote as to what procedure you would need to follow, how much it would cost, and some idea as the length of time. So give me a call at (727) 847-2288.
If You are the Executor and the Only Beneficiary of an Estate, Does it Have to go Through Probate?
Video Summary
If you are the Executor and the only Beneficiary of an estate, does it have to go through probate? The answer to the question is yes.
If the Decedent owned any assets that were titled just in the Decedents name. You indicated that you are the Executor, you’re the designated or person to be appointed the Executor. The Executor is something that is appointed by the court so until such time as there are probate proceedings you are simply nominated or suggested or provided for on the will to be the Executor and as the only Beneficiary, well, you have to have the will admitted to probate to show that you are in fact, the only Beneficiary so the short answer to your question is, is yes you still have to probate the estate.
Another reason why you have to probate it, even if you are the only Beneficiary is to be sure that any creditors have been paid and if the estate is very large, of course, then you need address the federal estate tax situation.
So if you have any questions about probate, well give me a call at 727-847-2288.
Should I Add an Asset to a Probate Case That is in Summary Administration in Florida?
Video Summary
Should I add an asset to a probate case that is in a summary administration in Florida? Well, a summary administration is filed whenever there is no bills outstanding and that the assets of the decedent that are titled in his name, other than his homestead, are less than $75,000, or the decedent’s been deceased for two years. Once petition can order summary administration has been entered, well, that is all there is to the proceedings. So, depending on when you discover this asset that was not included in the petition, is when you can add it. If the order of summary administration has not been entered, well then you can file an amended petition to include this asset and have the order of summary administration included.
However, if you’ve done a summary administration and you later discover an asset then you have to file a petition to reopen the estate as far as the disposition of this other asset and whether or not you have to go through a formal administration or an amended summary administration is depending on the value of the assets.
So if you have any questions about summary administrations and probate, well give me a call at 727-847-2288.
What Is Summary Administration?
Video Summary
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.