Summary Administration And The Probate Process

Summary administration is a tool that your beneficiaries can use to bypass the standard probate process. By going over what summary administration is, and speaking with a lawyer, you can develop an effective estate plan. 

What Is The Probate Process? 

The probate process is a court-supervised process that allows a deceased individual’s assets to be distributed to their chosen beneficiaries.

Just as an example, if you leave a car to your daughter, then probate is the process that allows this car to be distributed to your daughter.

The probate process is often necessary. But, due to the complexity of the process, coupled with the costs that arise from the process, it makes it more difficult for your beneficiaries to receive your asses in a timely manner.

To bypass the high costs of the probate process, as well as the long waiting time, you can make use  of something called “summary administration.”

What Is Summary Administration? 

Summary administration is a shorter version of the probate process. Since summary administration is shorter than the standard probate process, it is also considerably less expensive.

Given the two facts outlined above, if an individual makes use of summary administration, as opposed to the standard probate process, then they can receive what they are entitled to far more quickly than they normally would.

Just as an example, instead of taking nine months for your daughter to receive her car, it might only take her three months.

How Can You Make Use Of Summary Administration?

To make use of summary administration, a beneficiary or personal representative must file a petition. And, within this petition, the following information must be clarified:

• The assets within an estate.
• The value of those assets.
• The debts owed by the estate.
• The beneficiaries of the estate.
• The distribution plan for the estate’s assets.

All of the above must be included. But, in order for summary administration to be granted, the two conditions outlined below must apply to the estate:

• The value of the entire estate, except for the home property and homestead property, is $75,000 or less.
• The person who created the estate has been deceased for more than two years.

If the conditions outlined above are present, then your estate qualifies for summary administration. But, if they do not, then formal probate may be the only option.

The above is true, unless you choose to employ a slightly different estate planning arrangement. By doing so, you can avoid the formal probate process.

How Can You Avoid Probate? 

The best way to avoid probate is to develop an estate plan that allows your assets to do so.

Just as an example, you can develop an irrevocable trust. And, by doing so, your assets will be able to go to your beneficiaries right after you pass away, as opposed to going through a long, expensive probate process.

Other estate planning arrangements can help you avoid probate. The best way to determine which arrangement is best for your estate is to speak with a lawyer who can help you.

Speak With A Florida Probate Lawyer 

The probate process can make it difficult for your beneficiaries to receive the assets you wish to give them. Speak with a Florida probate lawyer at Millhorn Elder Law Planning Group and we will help you develop an estate plan that helps you bypass probate.

Sources:

help.flcourts.gov/Other-Resources/Probate

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0735/0735.html