Florida Probate Court Information

Florida Probate Court Information

1. What is Probate?

Probate is the approach by which the assets of a deceased individual are gathered, creditors paid, and the remainder of the estate distributed to beneficiaries. In most Florida counties, the probate program is performed in a specialized probate division of the Circuit Court, below the oversight of a single or much more probate judges.

2. How is Probate Initiated?

Even though any beneficiary or creditor can initiate probate, usually the particular person named in the will as Personal Representative, also recognized as the executor in other states, begins the approach by filing the original will with the court and filing a Petition for Administration with the probate court. If there is no will, typically a close relative of the decedent who expects to inherit from the estate will file the Petition for Administration.

three. Who is Eligible to Serve as Personal Representative?

A bank or trust organization operating in Florida, any individual who is resident in Florida, and a spouse or close relative who is not necessarily resident in Florida are all eligible to serve as the Individual Representative. In the event people require to discover further about disadvantages of a revocable living trust, there are many resources you can pursue. Nonrelatives who are not resident in Florida are not eligible to serve as Individual Representative.

4. How is the Personal Representative Selected?

If the decedent had a will, the particular person named in the will as the Private Representative will serve, if eligible. If that individual is unable or unwilling to serve as Individual Representative, the particular person selected by a majority of the beneficiaries in interest of the estate shall choose the Individual Representative. If there is no will, Florida law gives that the surviving spouse may serve, or, if there is no spouse or the spouse is unable or unwilling to serve, the particular person selected by a majority of the beneficiaries in interest shall serve.

five. To compare additional info, consider checking out: probate attorneys charlotte. Is the Private Representative Essential to Retain an Lawyer?

In Florida, the Personal Representative is needed in virtually all probate estate to retain a Florida probate lawyer. Even though the Florida probate forms are offered to the public, these are of no use to a non lawyer.

6. How is the Individual Representative Compensated?

Florida law supplies a compensation schedule for the Personal Representative, based on a percentage of the assets of the probate estate.

7. Is the Family members of a Deceased Individual Entitled to a Portion of the Estate?

Florida law gives for a family members allowance for the surviving spouse and minor youngsters of the deceased, as nicely as an elective share for a surviving spouse, thirty percent of the estate, if the surviving spouse would choose the elective share to that left under the terms of the will. A Florida resident is entitled to disinherit adult youngsters, for any or no reason. Of course, if it can be shown that the adult children were disinherited as a outcome of the influence of yet another, they might have recourse by way of the probate court.

eight. What Assets are Subject to Probate?

Assets owned by the deceased individual are subject to probate. Assets that pass by signifies of title, such as real estate titled as Joint Tenants with Proper of Survivorship, or bank accounts titled as Transfer On Death are not topic to the probate method. Assets that pass by implies of a beneficiary designation, such as life insurance or some retirement accounts, are also not subject to probate.

In some conditions, even so, assets that would otherwise pass by title or beneficiary designation can be subject to the probate procedure, specifically in the situation of a surviving spouse deciding on to take an elective share against the estate.

9. How is Distribution of the Estate Handled if there is no Will?

Florida law sets forth rules for the distribution of an estate if there is no will.

If these is a surviving spouse and no lineal descendants, the surviving spouse is entitled to the whole estate.

If there is a surviving spouse with lineal descendants, and all lineal descendants are also descendants of the surviving spouse, the surviving spouse is entitled to the very first $20,000 of the probate estate, plus one-half of the remainder of the probate estate. The descendants share in equal portions the remainder of the estate.

If there is a surviving spouse with lineal descendants, and not all lineal desdendants are also descendants of the surviving spouse, the surviving spouse is entitled to a single-half of the probate estate, and the descendants of the deceased share the other half of the estate in equal shares.

If there is no surviving spouse and there are descendants, each and every kid is entitled to an equal share, with the young children of a deceased youngster sharing the share of their deceased parent.

If there is no surviving spouse and no children or other descendants, Florida law provides additional guidelines for distributing an estate in such circumstances.

10. Who is responsible for paying estate taxes?

Beneath the Internal Revenue Code, the estate tax is collected from the estate of the deceased. Based on the terms of the will, the estate tax may possibly be paid from the probate estate only, or also from a living trust, life insurance proceeds, and other assets passing straight to beneficiaries outdoors the probate estate. To get additional information, consider glancing at: article. The estate tax return, Form 706, is filed by the Private Representative. The Form 706 is due to be filed 9 months right after the date of death..