Probate is the legal process where the Probate Court takes assets that are titled in your name alone at the time of your death and legally transfers the title to the beneficiaries designated in your will after all creditors and other expenses have been paid. If you die without a will then the Court transfers the title the beneficiaries specified by Florida law after all creditors and other expenses have been paid.
In Florida there are two types of Probate. Formal Administration, where the assets to be probated, excluding your home, exceed $75,000 and Summary Administration where the assets to be probated, excluding your home do not exceed $75,000.
Under Formal Administration, the Court appoints the Personal Representative named in your will to, pay creditor’s claims, liquidate property, pay any other expenses, and then distribute assets to the beneficiaries named in your will.
Under Summary Administration, no Personal Representative is appointed. Instead an Order is entered distributing those assets that do not exceed $75,000 directly to the beneficiaries named in your will after creditor’s claims have been paid.
Formal Administration is more costly and takes more time than Summary Administration but Ferrari law strives to make the entire process run as smoothly and quickly as possible.
Ferrari Law is ready to assist you with Probating Estates no matter what the size and strives to make the entire proceeding easy to understand.