Letter Settlement Estate Sample With Land In Miami-Dade
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Formal administration is required for any estate with non-exempt assets valued at over $75,000 when a decedent died less than two years ago. Formal administration is also required any time that a personal representative is needed to settle the affairs of the decedent.
While it is possible to settle an estate without an attorney, whenever an estate is disputed or complex, you should consult an estate planning and probate litigation attorney. At The Levy Firm PLLC we have over 10 years of experience in South Florida.
How can I transfer property after death without a will in Florida? If the controlling deed does not contain life estate language, then the only way to transfer property without a will is by either a summary administration or by a formal probate administration based on Florida's intestacy law.
Understanding Intestate Succession in Florida Filing the petition for administration. Appointing a personal representative. Identifying and securing assets. Notifying creditors and paying debts. Paying taxes. Distributing remaining assets. Closing the estate.
First, the assets go to the descendants of the decedent. If there is no descendant, the estate passes to the decedent's father and mother equally. If there are neither descendants nor parents, the estate passes to the decedent's brothers and sisters and their decedents.
Florida generally has two different types of probate - one is easy, one is much more complicated - and probate can take 5-8 months under most scenarios. Some estates won't need to go through formal probate at all. If a deceased person had no assets in their own, individual name, then no probate is required.
A: There isn't a set timeline for probate without a will in Florida. It generally varies widely depending on the complexity of the estate. In some cases, probate can be completed in a few months, but more complex estates may take a year or longer, especially if disputes or legal complications arise.
Additionally, Living Trusts (Living Revocable Trusts) can permit one's assets to pass to beneficiaries without the need for any probate process, or, can permit the majority to pass without probate and the remainder to pass through the simpler smaller estate processes.
In Florida, four types of bank accounts can avoid probate: Payable-on-Death (POD) Accounts – Funds are transferred directly to designated beneficiaries upon the account holder's passing. Shared Bank Accounts – Married couples holding joint assets benefit from automatic survivorship rights.
