Probate Administration Lawyer

The Probate Process

The probate process is a complex series of essential steps, each of which plays a crucial role in settling a deceased individual’s affairs.

The Role of a Personal Representative (Executor) in Probate & Estate Administration

The personal representative (executor) holds a central and pivotal role in the probate process. He or she is entrusted with the responsibility of ensuring the proper execution of the deceased person’s wishes and the smooth administration of the estate. The personal representative’s (executor’s) role can be summarized as follows:

Identifying Assets

The personal representative’s (executor’s) first task is identifying and locating the deceased person’s assets, including real property/real estate, personal property, investments, bank accounts, and more.

Valuation of Assets

Once assets are identified, they must be appraised to determine their fair market value. This valuation helps in assessing the overall worth of the estate.

Paying Debts and Liabilities

Personal representatives (executors) are responsible for addressing any outstanding debts and liabilities of the deceased. This includes notifying creditors and paying off debts using the decedent’s estate assets. Not only that, they should also pay for estate taxes.

Distributing Assets to Beneficiaries

The ultimate objective of the probate process is to convey the decedent’s remaining assets to the beneficiaries, often family members, as specified in the deceased person’s last will (if the deceased died testate). However, if there is no will (meaning the deceased died intestate), then distribution must occur according to Florida law under the probate code. The personal representative (executor) ensures these distributions are carried out accurately and compliant with the requirements of the probate code.

Closing the Estate

Once the above steps have been successfully completed, the estate can be closed, marking the conclusion of the probate process. At this point, the personal representative’s (executor’s) duties come to a close.

The Parties Involved in Probate Administration

To understand how probate administration unfolds, you need to understand the various parties involved. Each of these parties has specific roles and responsibilities within the probate context.

1. Beneficiaries

Beneficiaries are individuals named in the deceased person’s will to receive assets, often a surviving spouse, children, or other family members of the decedent. They have an interest in the probate process as they expect to inherit from the estate. This is possible if, at the date of death of the decedent, there is a valid will executed by the same.

2. Creditors

Creditors, whether individuals or entities, are those for whom the deceased person owed money or had financial obligations. They have the right to claim against the estate to recover the amounts owed to them.

3. The Court

The court is involved in the probate process to ensure that the administration follows the applicable laws. The court has the authority to settle disputes and make final judgments if necessary.

4. Probate Attorney

A probate attorney practices in probate matters, such as estate planning, transferring property, types of probate, and more. They provide legal counsel to the personal representative (executor) and guide he or she through the legal intricacies of the probate process.

Probate attorneys can also help with the preparation and execution of a living trust, fiduciary power of attorney, or a small estate affidavit as part of their comprehensive estate planning services.

5. Financial Institutions

Banks, investment firms, and other financial institutions may be involved in the probate process if the deceased person holds accounts or assets with them. They play a vital role in providing necessary financial information.

Assets Subject to Probate

Not all assets are subject to probate. Understanding this distinction is crucial for the probate process.

Probate assets may include:

• Solely owned real estate
• Personal property like vehicles, jewelry, and household items
• Bank accounts in the deceased’s name
• Investments in the deceased’s name
• Debts owed to the deceased

Non-probate assets may include:

• Real property / real estate established as homestead property under Florida law
• Co-owned assets with survivorship clauses
• Life insurance policies with named beneficiaries
• Retirement accounts with designated beneficiaries
• Trust assets
• Payable-on-death (POD) or transfer-on-death (TOD) accounts

Differentiating between these asset types is essential for efficient estate management. And it’s something a Florida probate administration attorney can help you with.