Probate is the court-supervised process of authenticating a will, gathering assets of a decedent, paying off the decedent’s debts, and distributing what’s left among the rightful beneficiaries.
In Florida, there are two types of probate administration:
- Summary Administration – Streamlined probate process for smaller estates valued less than $75,000, or for estates where the death occurred more than two years prior.
- Formal Administration – Formal administration only applies to probate assets, which are assets owned by the decedent in his or her sole name at death, or were owned by the decedent and one or more co-owners but lacked a provision for automatic succession upon death.
If the estate does not qualify for a summary administration, then a formal administration may be required.
Probate assets include, but are not limited to:
- Bank & investment accounts in the decedent’s sole name
- Life insurance policies payable to the decedent’s estate
- Annuities, or IRAs payable to the decedent’s estate
- Real estate titled to the decedent alone
Probate is a necessary process which passes ownership of a decedent’s probate assets to the rightful beneficiaries if there is a will, and in the absence of a will, to those who are entitled to inherit under Florida’s intestate succession laws. Probate administration wraps up a decedent’s financial affairs after their death, and ensures that the decedent’s creditors are paid, taxes are paid, and specific procedures are correctly followed.
