Summary Administration is a simplified form of probate and may be available for smaller estates. In order to qualify for Summary Administration, either the decedent must be dead for more than two years, or the total value of the probate estate, excluding the value of exempt property, may not exceed $75,000.
Formal Administration is a type of probate where a Personal Representative must be appointed and a Notice to Creditors must be published in the newspaper. Creditors must be given 90 days to file claims against the estate. Often, this form of administration will be necessary when a home or other property and assets have to be sold before they can be distributed to beneficiaries, or used to pay the claims of creditors.
There are also several instances when the help of a probate attorney is required including:
Testate means that the decedent has died with a Last Will and Testament. Typically, if the probate is testate, there will be a Personal Representative (also called an “Executor”) named in the Will.
Intestate means that the decedent has died without a Last Will and Testament. In an intestate estate, since there is no Will, the Personal Representative is selected based upon a list set forth in the Florida Statutes.
In the case of Testate and Intestate situations, the Personal Representative is not actually authorized to act as such until a probate judge appoints them by issuing a court order document which is called “Letters of Administration” (in some places they are also called “Letters Testamentary”).
Although a probate administration can be required to transfer the decedent’s home, Florida’s Homestead exemption may often be utilized to greatly simplify the procedure. So long as the decedent treated the property as his or her Homestead according to the law, at the time of death, it may qualify for easy transfer, even when other assets may need to be fully probated. If the decedent owned non-Homestead real estate, that will typically require probate to be transferred to a beneficiary.
From the execution of the Last Will and Testament and understanding how property transfers work for homestead and non-homestead real-estate to assisting you with Summary Administration Probate and Formal Administration - Attorney David P. Folkenflik has the accreditation and knowledge necessary to help you. He offers compassionate services to help you get through the court jargon with ease and less hassle during a hard time.
If you are unsure of how to begin the probate process or don’t know what is involved, call the Law Offices of David P. Folkenflik in St. Petersburg, FL. You will be provided with a complimentary 30 minute consultation to review your probate-related case.
Our fees are typically based upon the value of the estate. In most cases, the fee for ordinary, uncontested probate services will not exceed 3% of the gross value of the decedent's assets. Smaller formal estates may actually be more costly in relative terms, as we have a minimum fee for formal estates totaling less than $150,000 in asset value. That minimum fee is $4,500, plus costs. Estates with asset value exceeding $150,000 are typically charged a fee equal to 3%, plus costs.
Summary Administrations are done on a flat fee basis, which, based upon complexity, tends to range from $2,500 to $3,500. Our Summary Administration flat fees generally include all ordinary costs (filing fees, copies, postage, and the like).
For Formal Administration, it takes an average of 12 months, from start to finish, to complete the process.
Summary Administration typically takes four to eight weeks from start to finish, though complicating facts such as creditor claims, numerous or uncooperative beneficiaries, etc., can cause substantial delays.
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