Estate Legal Law Forms Florida
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FAQ
In Florida, executors are entitled to a percentage of the decedent's estate as compensation for their work. This starts at 3% of the first million dollars, 2.5% on the next four million dollars, and 2% on the next five million dollars. However, a higher amount can be specified in the will at the grantor's discretion.
Formal administration in Florida Submit the will. First, you'll submit the will to the deceased's local court. ... File for probate. ... Receive authorization from the court. ... Contact beneficiaries. ... Inventory assets. ... Pay debts. ... Request approval to distribute assets. ... Close the estate.
First priority is given to the costs administering the estate, attorney fees, and your fee for acting as personal representative, followed by funeral and burial expenses. After that, you must settle taxes and preferred debts under federal law, debts owed to public assistance programs, and unpaid court costs.
If an asset does not have a named beneficiary or rights of survivorship, it will have to go through probate to change ownership pursuant to the Florida Probate Rules (2023). The most common assets that go through this process are bank accounts, real estate, vehicles, and personal property.
ALTHOUGH YOU ARE NOT REQUIRED TO HAVE AN ATTORNEY FOR CERTAIN PROBATE PROCEEDINGS, ONLY AN ATTORNEY CAN GIVE LEGAL ADVICE. IF YOU CHOOSE TO PROCEED WITHOUT AN ATTORNEY, AT ANY TIME IN YOUR CASE YOU MAY OPT TO HIRE ONE.