Navigating Probate and Real Estate

Navigating Probate and Real Estate

Many people inherit property from a deceased loved one and are unsure of how to proceed. In many cases, the probate process is necessary to divide the decedent’s assets among their heirs.

Probate is the legal procedure for settling an estate after someone passes away. It involves validating the will and appointing a Personal Representative to manage and distribute the deceased person’s assets. The Personal Representative plays a crucial role in ensuring the estate is handled in accordance with the law and the decedent’s wishes.

Sometimes, people pass away unexpectedly without leaving a will. This is known as dying intestate. When this happens, the distribution of their assets is determined by state law. Conversely, if the decedent passes away testate, it means they left a valid will outlining how their assets should be divided. Having a will simplifies the probate process, making it easier and faster to settle the estate.

Under Florida law, there are two types of probate administration: formal administration and summary administration.

1. Formal administration is the traditional form of probate in Florida. The process begins with filing a petition to open the probate estate and appointing a Personal Representative (or executor) to oversee the distribution of the decedent’s assets.
2. Summary administration is a simplified and expedited form of probate. Unlike formal administration, it does not require the appointment of a Personal Representative, which makes it less expensive and time-consuming. However, this option is only available if the decedent has been deceased for more than two years or if the total value of their probate assets is $75,000 or less.

Regardless of the probate option used, the outcome remains the same: the estate’s assets are distributed among the heirs, allowing the file to proceed to closing. At HOMEINC, we have a dedicated team and the resources needed to guide your file smoothly through the process and ensure it reaches the closing table seamlessly!