It could take months or even years to close out an estate. Many Palm Beach residents hear that when a loved one passes away. Fortunately, not all probate administration takes that long. In some cases, it could happen more quickly.
Florida has what is called a summary probate administration. It could reduce the time it takes for property to be distributed to heirs if the decedent passed away at least two years prior or the estate meets the statutory definition of small. In fact, the typical turnaround time under this process could be as little as a week.
You may be wondering how you can sign up for this type of probate administration. In order to qualify, an estate cannot be valued at more than $75,000 or must meet the minimum time between death and filing of two years. If you would prefer that your surviving loved ones have near immediate access to the assets in your estate that require probate, then you might want to create a plan that keeps your estate below that statutory threshold.
If you are a surviving loved one and know that the decedent’s estate is less than that amount, you can breathe a sigh of relief and have the process done in just days. If your loved one’s estate was more than $75,000 and for some reason a probate was not filed within two years of your loved one’s death, you could also benefit from summary probate administration. In either case, it may be a good idea to consult with an experienced Palm Beach probate attorney in order to make sure that everything goes smoothly and according to plan.