A Jacksonville Estate Administration Attorney Can Help Navigate the Process in Florida
Estate Administration is a process where the court transfers the property or assets owned by a person who has died to their heirs or beneficiaries. There are two main types of estate administration in Florida: formal administration and summary administration. Which one is needed in a certain situation is a matter your Jacksonville estate administration attorney can address with you.
Formal Administration in a Florida Estate
Formal administration is the more traditional form of estate administration. While any estate can go through the formal process, it is required when the decedent’s non-exempt assets are valued at more than $75,000, and it has been less than two years since the decedent passed away. Formal administration generally takes 7-18 months to complete, but it can vary.
Exempt vs. Non-Exempt Assets
Exempt property is not required to go through the probate process, consisting of household furnishings (up to a certain dollar amount) and up to two motor vehicles. Other assets that don’t have to go through the probate process include bank accounts held jointly by the decedent and someone else, real estate titled as joint tenants with right of survivorship with someone else, and life insurance policies with a named beneficiary.
Non-Exempt Assets
As a rule of thumb, any asset that does not have a named beneficiary or is not titled jointly with another must go through the probate process. Non-exempt assets include bank accounts held solely in the name of the decedent and real estate titled solely in the name of the decedent. If you are unsure if an asset is considered exempt or non-exempt, a Jacksonville estate administration attorney at Dixon Law can advise you on the correct classification.
Personal Representative
Formal administration of an estate requires the appointment of a personal representative (PR). First, there will need to be letters of administration issued. Then the PR begins the actual estate administration, which includes notifying creditors, determining and collecting assets, determining and paying estate debts, maintaining the assets, identifying beneficiaries, and asset distribution. There may be other steps involved as no two estates are the same.
Summary Administration
Summary administration is a less time-consuming and less expensive option than formal administration. It can be completed in as little as three months under certain circumstances, and it does not require the appointment of a PR. However, summary administration can only be used when the probate assets are not worth more than $75,000 or more than two years have passed since the decedent died. In most cases, when the decedent has been dead for longer than two years, creditors are not able to collect against the estate.
Summary administration requires less time than formal administration and typically costs less.
Confer With A Jacksonville Estate Administration Attorney
If you have questions about estate planning or need help administering an estate, contact a Jacksonville estate administration attorney at Dixon Law.