Florida law sets up two methods for estate administration – summary and formal. The circumstances of the estate determine which of these are possible. Typically, people who are handling the estate administration process for a loved one who passed away will want to get the matter finished as soon as possible.
One of the first things you should do is to determine whether the case qualifies for summary administration. This is the less costly and shorter way of closing an estate. If it doesn’t meet the requirements for summary administration, it will have to go through formal administration.
What are the requirements for summary administration?
In order for an estate to go through summary administration, the decedent had to have passed away more than two years ago or the assets in the estate are worth less than $75,000. Additionally, an estate going through summary administration can’t have any debts that are outstanding.
The formal administration process is longer. It involves several steps to ensure that the estate is handled in the appropriate manner so debts, taxes, and beneficiaries are all taken care of properly. There are limits set to what legal fees are possible in these cases.
Trying to navigate through the Florida estate administration process when you’re grieving the loss of a loved one can be challenging. Working with someone who’s familiar with the estate administration laws in the state can help to reduce the stress that you have to deal with during this time. The sooner you get this person to assist you with the matter, the sooner you’ll be able to get the necessary tasks done.