Formal probate proceedings can take months or longer to complete. During that time, family members may need to wait to secure their inheritances. The personal representative overseeing estate administration as part of the formal probate process must continue to manage estate resources and attend probate proceedings until the completion of the process.
Formal probate costs money as well as time, as the estate must pay for hearings in probate court and even the legal representation for the personal representative. In some cases, those who have recently lost a loved one can speed up the estate administration process by pursuing summary probate proceedings, which are faster and require less court involvement.
When does an estate probated in Florida qualify for summary administration?
Only small estates typically qualify
Probate court oversight exists to protect the wishes of the decedent, the interests of creditors and the rights of both beneficiaries and heirs expecting to inherit from an estate. The more valuable an estate is, the more likely there are to be complications, creditor claims and disputes among heirs or beneficiaries.
When an estate is relatively small, less oversight may be necessary. The threshold for summary probate proceedings in Florida is currently $75,000. If the total value of the assets is below $75,000, then summary proceedings may be an option.
Real property that belongs to the decedent can potentially impact the estate’s eligibility as well. Considerations including the likelihood of family members fighting with one another, questioning the state documents or taking issue with the personal representative’s conduct could also make a formal probate a better option than summary proceedings.
In some cases where the decedent passed more than two years ago, the estate could qualify for summary proceedings due to the lengthy delay. The party named as the personal representative in the estate plan can petition the courts for summary proceedings. Otherwise, any beneficiary of the estate can ask the courts to approve a request for summary probate proceedings.
Individuals anticipating serving as personal representatives may want to discuss the existing estate plan and estate resources with a legal professional. Pursuing the right form of probate proceedings can protect the legacy of a deceased individual and the rights of those with an interest in their estate.