April 9, 2021

What is Probate?

Probate is a court supervised process that collects a deceased individual’s assets, discovers and pays creditors, and distributes the remainder of the estate to the entitled beneficiaries or heirs at law. Probate is an important legal proceeding because any asset that was individually owned by the decedent and did not have a beneficiary designation on it, will need to pass through probate for someone to obtain a legal right of ownership. Common items that pass through probate are real property (a home, ranch, investment property, etc.), bank accounts, and vehicles. 

There are two main types of probate: formal and summary administration. Formal administration is reserved for estates worth more than $75,000.00, while summary administration is used for estates that are worth less than $75,000.00. Formal administration requires more documentation be filed with the court and is usually more costly than its summary counterpart. Summary administration is a streamlined process and usually saves the client time and money, as it requires less filings.  

When preparing to probate a decedent’s estate, it is important to have an experienced attorney assist you. When determining which type of probate to file, some assets are exempt from the total value of the estate and could lead to filing the wrong type of probate, costing you time and money. Moreover, Florida statute requires that certain parties and entities be notified of the probate proceeding and failure to notify these parties can result in individual liability to the beneficiaries or heirs at law.

Probate can be a smooth and quick process with the help of an experienced probate law attorney. If you think you may need a probate completed, please contact our office today. This article contains general information about the probate process and is not legal advice.  

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Michele Green

Head of Legal, MGT Insurance
[ Orlando, FL]
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Daniel Bronson

CEO, Capitol Insurers
[ Lake Mary, FL]
+1 (386) 218-6155
1801 S Volusia Ave, Orange City, FL 32763
83 Ash Dr. Orlando, Florida 32812 U.S.A.