When someone in your family passes away in Florida, their estate typically goes through a probate. This is a court proceeding that helps ensure proper asset distribution and debt settlement.
There are also two kinds of probate in Florida: summary administration and formal administration. Understanding the difference between the two paths can help your family choose what best fits your circumstances and needs.
Summary administration
Families in Florida can choose this route as an efficient and quicker way for settling an estate, given that they meet the eligibility criteria:
- The total value of the deceased person’s assets must be $75,000 or less, not counting exempt property like the main family home.
- The decedent died more than two years ago, regardless of the estate’s total value.
- If there is a will, it must not explicitly state that the estate is required to go through a full probate process.
The primary advantage of a summary administration is its speed and simplicity. The court does not have to appoint a personal representative (PR) to manage the assets, meaning the process can finish in a few weeks instead of months. This approach is generally more affordable because it results in significantly lower court filing fees and reduced legal expenses.
Formal administration
This is the traditional probate path required when an estate’s non-exempt assets exceed $75,000 or a PR must manage an ongoing business. While this process is more involved, it offers two major advantages: authority and protection.
The full process begins when the court appoints a PR and issues letters of administration. These official documents give the PR legal power to access bank accounts, sell real estate and sign documents on behalf of the estate.
In addition, a formal administration sets a formal Notice to Creditors period that requires any unknown creditors to submit claims by a set deadline. Missing it can mean creditors lose the right to collect, which can give the family peace of mind that no unexpected debts will surface later.
Comparison checklist for your family
If your family is deciding between a formal or summary administration, it is crucial to consider if your loved one’s non-exempt assets are over or under $75,000. Another element worth noting is how long it has been since your loved one’s passing.
A summary administration may be better if your loved one left behind a simpler estate that does not outright require a full probate. However, complications like significant unpaid debt or disputes among heirs can make choosing a formal administration better so your family can settle things in court.
Helping you manage the probate process
Florida law requires that most probate proceedings be handled by a licensed attorney. This is a safeguard against costly mistakes that could delay the process or create legal problems down the road. If you are serving as the PR of your loved one’s estate, The Law Office of Nicole C. Morris, P.A. can guide you through a summary or formal administration with compassion and clarity.