Probate is the court-supervised process of settling a person’s estate after they pass away — identifying their assets, paying valid debts, and distributing what remains to the rightful heirs or beneficiaries.
If you have recently lost a loved one, or you are planning your own estate, you have probably heard the word “probate.” It can sound intimidating, but at its core probate is simply the legal process for transferring a person’s property after death in an orderly, court-supervised way.
When is probate necessary?
Generally, probate is required when a person passes away owning assets in their name alone — with no surviving co-owner and no named beneficiary. The court oversees the process to make sure debts and taxes are paid and that the remaining property reaches the people entitled to it, whether under a valid will or under Florida’s laws of intestacy when there is no will.
The basic steps
- —Filing to open the estate with the appropriate Florida circuit court
- —Appointing a personal representative (sometimes called an executor)
- —Notifying heirs, beneficiaries, and known creditors
- —Identifying and inventorying the estate’s assets
- —Paying valid debts, expenses, and any taxes due
- —Distributing the remaining assets to beneficiaries
- —Closing the estate
What assets avoid probate?
Not everything a person owns has to pass through probate. Assets with a built-in transfer mechanism typically go directly to the named recipient, including property held jointly with rights of survivorship, accounts with a payable-on-death or transfer-on-death designation, life insurance and retirement accounts with named beneficiaries, and assets held in a properly funded living trust.
Planning ahead
A thoughtful estate plan can simplify — and in some cases avoid — probate for your family. Tools such as wills, trusts, and beneficiary designations let you decide in advance how your affairs will be handled, sparing your loved ones unnecessary cost, delay, and stress during an already difficult time.
If you have questions about probate or want to put a plan in place, the attorneys at Hill & Hill would be glad to help.