What Happens During Formal Administration?
Formal administration is the most common type of probate and it involves the administration of a decedent’s estate under court supervision. As its name suggests, formal administration has many rules, deadlines, and procedures requiring strict compliance. Below, our Tampa formal estate administration lawyer explains what these are and what to expect throughout the process.
What Estates are Subject to Formal Administration?
Estates that have probate assets exceeding $75,000 in value are subject to the formal probate process. If the decedent passed away less than two years ago, and the value of the estate exceeds $75,000, formal administration is also required. If a personal representative must be appointed, formal administration may also be required. While formal administration applies to most estates, the process is more expensive and time-consuming than other types of probate, such as summary administration.
The Steps in Formal Administration
If there are no issues regarding the appointment of a personal representative, formal administration will involve many steps. These include:
- Notify all beneficiaries and heirs of the deceased’s passing,
- Collect all assets of the estate,
- Prepare an inventory of property,
- Paying debts, including taxes, of the estate,
- Submitting the final accounting to the court, and
- Distributing remaining assets to the beneficiaries.
All of the above steps require time and can have complications of their own. These can lead to additional expenses incurred by the estate.
Paying Debts During Formal Administration
Probate is also used in formal administration to pay the debts, taxes, funeral costs, and probate proceedings of the estate. This must be done before the assets can be distributed to the beneficiaries. However, some debts are exempt from certain creditor claims. Debts are managed during formal administration by the personal representative. They are responsible for finding creditors and notifying them of the decedent’s passing. There are deadlines and statutory requirements on notices to creditors. Once creditors have been notified, they have 90 days to file a claim against the estate.
Closing the Estate
After the estate’s assets have been located, creditors have been notified, and the remaining assets have been distributed to beneficiaries, the personal representative must file evidence with the court and ask that the estate be closed. If the court finds that all the necessary steps have been taken, the judge will issue an order to close the estate. This relieves the personal representative of their responsibilities.
Depending on the complexity of an estate, and assuming that issues such as a will contest do not arise, formal administration can take up to one year or more to complete.
Our Formal Estate Administration Lawyer in Tampa Can Help You Navigate the Process
Formal probate is the most common type in Florida, but it is also one of the most complicated and time-consuming. At Messina Law Group, P.A., our Tampa formal estate administration lawyer can help you navigate the process so it is as easy as possible for you and your family and proceeds as smoothly as possible. Call us today at (813) 492-7798 or chat with us online to schedule a consultation and to learn more about how we can help.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html
