FAQs About Summary Administration Probate in Florida
After a loved one passes away, no family wants to go through a long and drawn-out probate process. Fortunately, this does not always have to happen. Smaller estates may be eligible for summary administration probate. However, this type of proceeding is not always practical and it is also not for everyone. For this reason, people have many questions surrounding this process. Below, our summary administration lawyer outlines some of the most common questions we hear, and the answers to them.
What is Summary Administration Probate?
Summary administration is a streamlined version of the probate process that involves a more efficient process for estates that are eligible. Summary administration can be filed if certain conditions are met. First, the will of the decedent must not specify that the estate is to undergo formal probate. Additionally, one of the following two conditions must be met:
- The value of assets subject to probate within the estate are valued at $75,000 or less, or
- The dependent has been deceased for at least two years.
The two-year time limit allows for any creditors or other party owed money by the estate to file a claim against it. Assuming no proceedings have occurred, all claims against the estate are barred after the two-year time limit has expired.
What Assets are Subject to Probate in Florida?
Due to the eligibility criteria above, many people wonder what assets must pass through probate, and which do not. To clear this up, assets that typically must go through probate are as follows:
- Investment and banking accounts owned solely by the decedent and without designated beneficiaries,
- Individual life insurance policies, Individual Retirement Accounts (IRAs), or annuities that are without designated beneficiaries, and
- Property solely owned by the decedent
While the above are often considered assets that are subject to probate, that is not always the case. For example, if the decedent placed their home into a trust, it is not subject to probate. It is always advisable to speak to a lawyer who can advise on probate and non-probate assets.
How Long Does Summary Administration Take?
In most cases, summary administration will take between two to four months. This is much quicker than formal administration, which takes at least one year. The length of summary administration depends on whether the decedent owed money to creditors and if there are non-exempt assets in the estate.
What is the Cost of Summary Administration?
The court fees for summary administration range from $300 to $500. Legal fees vary depending on the factors involved, but often range between $2,500 and $4,500.
Our Summary Administration Lawyer in Tampa Can Answer Your Questions
When facing the probate process, you likely have a lot of questions. At Messina Law Group, P.A., our summary administration lawyer can answer them so you can make the informed decisions that will make the process easier for you. We also have offices in New Port Richey OR Tampa, Wesley Chapel, and Dunedin. Call us now at (813) 492-7798 or contact us online to request a consultation and to get the legal help you need.
