What are the Benefits and Drawbacks of Summary Administration in Florida?
The probate process in Florida is one that can be very time-consuming. However, it does not always have to be this way. Summary administration is a simplified version of the probate process and while it has many benefits, there are also certain drawbacks. These are explained in further depth below.
Benefits of Summary Administration
For eligible estates, summary administration has many benefits. These are as follows:
- Faster process: Perhaps the biggest benefit of summary administration is that the process is much faster. While formal administration can take between 9 to 18 months, summary administration can be completed in just a few months.
- Reduced costs: Summary administration is less complicated and so, there are fewer court costs and legal fees incurred. The savings are quite significant for beneficiaries, as well as the estate.
- Less paperwork: Summary administration is a more simplified process and so, there are fewer formal requirements and less paperwork. This can make the entire process much easier for beneficiaries and personal representatives.
- Reduced stress: Due to the fact that summary administration is less complex and faster, it reduces the logistical and emotional burden on beneficiaries and personal representatives, which can help them get the closure they need more quickly.
Although summary administration does have many benefits, there are also many drawbacks to be aware of, as well.
Drawbacks of Summary Administration
Although there are many benefits of summary administration, there are also some drawbacks. These include:
- Limitations on eligibility: Estates are only eligible for summary administration if they are valued at $75,000 or less, or the decedent has been deceased for over two years.
- Consent of beneficiaries: All beneficiaries must agree to summary administration and if even one person objects, formal administration may be necessary.
- Creditor claims: While summary administration is generally quicker, creditors must still sometimes be notified and they may make a claim against the estate. When there are unresolved debts or disputes with creditors, summary administration can become much more complex.
- Legal requirements: Although summary administration is a simplified process, you must still meet certain legal requirements. If documents are incomplete or a mistake is made, it can delay the process and summary administration may even be denied.
Summary administration is not right for all beneficiaries and personal representatives. Knowing the possible drawbacks can help interested parties make informed decisions about which process is most appropriate for the specific situation.
Our Summary Administration Lawyer in Tampa Can Advise On Your Case
It is not always easy to determine what type of probate is right for your loved one’s estate. At Messina Law Group, P.A., our Tampa summary administration lawyer can review the facts of your case and help you determine which process is most appropriate for your situation. We can also guide you through the process and handle all the legal details so it proceeds as smoothly and easily for you as possible. Call us today at (813) 492-7798 or contact us online to schedule a consultation and to learn more about how we can help.
Source:
help.flcourts.gov/Other-Resources/Probate
