Choosing the Right Form of Probate Administration
It is important to choose the right law firm when looking for a probate attorney because an attorney with experience can help you choose the most efficient form of probate administration. There are many different forms of probate in Florida with varying requirements depending on the size of the estate and the goals of administration. An experienced lawyer will be able to choose the right form of probate administration thereby accomplishing the goals of the probate but keeping expenses and attorney’s fees to a minimum.
A formal administration is required for large estates and for estates that require a personal representative (executor) to act on behalf of the estate. A formal administration may take up to a year to complete. However, there are many benefits to a formal administration that do not apply to other forms of probate administration.
Small estates will often qualify for summary administration if the inventory value is less than $75,000.00. Usually, a summary administration is preferable when the estate qualifies because summary administration takes less time than a formal administration. However, there are times when a summary administration will not be adequate, even for a small estate. If a personal representative is needed to conduct business or act on behalf of the deceased, a formal administration will be required. Other times, it may be necessary to do a formal administration to deal with creditor claims.
When an individual resides outside the state of Florida but dies owning property in Florida, there are many different forms of ancillary administration that can transfer the title to Florida property. In this instance, the relevant inquiry will be whether or not the out of state decedent had a valid will and the value of the property.
If a probate is necessary but you are unsure what form of administration is most appropriate for your matter, contact the Law Office of Silverman, Mack & Associates at 800-871-8454 and one of our experienced attorneys can assist you with your case.