FAQs About Probate in New Port Richey
Probate is a process that administers a person’s estate after they pass away. The process is overseen by the probate courts in New Port Richey. Most people have heard of the probate process, even if they have never been through it themselves. However, they do not know what it entails, how long it will take, or how expensive it can become. Below, our New Port Richey probate administration lawyer outlines some of the most frequently asked questions we hear, and the answers to them.
When is Probate Required for an Estate in New Port Richey?
Probate is required any time a person passes away with assets solely in their name, such as a home or a bank account. The purpose of probate is to transfer the asset/property from the name of the deceased into the name of the beneficiary.
Does a Will Avoid Probate?
Contrary to what many people believe, a will alone is not enough to help loved ones avoid probate after someone passes away. The first step in probate is to prove, or validate, the will and so, it must be submitted to the probate court. After the estate is administered, inventory is gathered, debts are paid, and more, property will be distributed to the beneficiaries according to the provisions within the will.
How Much Does Probate Cost?
In New Port Richey and in Florida, in general, Probate can become very expensive. If the estate can qualify for Summary Administration, the fees charged are usually less. After reviewing the will, inventory, and death certificate, we can give you an estimate of our fees.
The other, more common, probate option is called Formal Administration. This proceeding must be used if the decedent’s estate does not qualify for summary administration. Florida law sets a presumptive statutory fee schedule for probate attorney fees. For example, fees are 3% of the probate estate if the total estate value is under $1 million. Florida Law also allows for additional fees to be charged at an hourly rate for extraordinary services, such as sale of real estate. While some Florida law firms only charge the statutory fee schedule, the fee schedule is often unfair. Our New Port Richey probate attorneys will discuss the options for attorney’s fees with you.
In addition to attorney’s fees, to open probate in Florida, the courts will charge around $400. There are mailing, publication, and other costs associated with the administration, whether the estate is a summary administration or a formal administration.
How Can You Avoid Probate?
If you have lost a loved one and they did not leave behind any estate planning documents, such as a trust, there is nothing you can do to avoid probate, unfortunately. However, if you are currently planning your estate, there are many ways you can help your family avoid probate. Payable-on-death accounts, such as an IRA or bank account, are distributed immediately to the beneficiary you named on the account and do not have to go through probate. Other financial tools, such as life insurance policies, also have named beneficiaries and are not required to go through probate.
Other estate planning tools can also help your family avoid the probate process after you pass away. For example, if you establish a trust, any property within it is not subject to probate and can be distributed to the beneficiaries of the trust right away.
Our Probate Attorney in New Port Richey Can Answer Your Questions
If you have lost a loved one, or are thinking about planning your estate, you need the help of a New Port Richey probate attorney. At Messina Law Group, P.A., our experienced attorney can provide the legal advice you need and answer all of your questions so you can make informed decisions. Call us now at (813) 492-7798 or contact us online to schedule a consultation and to get the legal help you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html
