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Petition for Representation of a Probate Estate's Insolvency and...

Florida Petition for Representation of a Probate Estate's Insolvency and Request

Category:

Probate - Estates

State:

Multi-State

Control #:

US-02441BG

Format:

Instant download

Description

An insolvent estate is one whose assets are insufficient to pay its debts, taxes, and administrative expenses. As a consequence of its insolvency, its heirs or beneficiaries will receive nothing (exception: unless Decedent's surviving spouse or children are awarded a family allowance, which takes priority over creditors).

The following form is a complaint that adopts the ýnotice pleadingsý format of the Federal Rules of Civil Procedure, which have been adopted by most states in one form or another.

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How to fill out Petition For Representation Of A Probate Estate's Insolvency And Request?

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FAQ

In almost all cases, Florida law requires that a licensed attorney administer the estate. With summary administration, probate usually takes one to two months. It is an expedited, easier process, but not everyone qualifies for this option.

Stat, section 735.203- Petition for summary administration, if there is a surviving spouse, he or she must sign the petition for summary administration. Any beneficiaries must also sign the petition, unless the beneficiary will receive a full distributive share of the estate under the proposed distribution.

Under FL. Stat, section 733.109- Revocation of probate, an interested party can initiate a proceeding to revoke probate by filing a petition with the court having jurisdiction over the administration.

Furthermore, Statute §733.304 states that a personal representative must be a Florida resident unless they are: Related by lineal consanguinity to the decedent (i.e. child, parent, or grandparent); A spouse, sibling, uncle, aunt, nephew, or niece of the decedent, or the child/parent/spouse of any of those relatives; or.

Generally, the person who oversees your estate is known as your ?personal representative.? California law also refers to a personal representative as an ?executor? or ?administrator.? All three terms describe the same function, although there is a legal distinction between their method of appointment.

In Florida, the Notice of Administration is a formal document that seeks to notify all interested parties of the decedent's death, as well as the filing of their last will and testament as part of the probate proceedings.

There are two types of probate administration under Florida law: formal administration and summary administration. There is also a non-court supervised administration proceeding called ?Disposition of Personal Property Without Administration.? This type of administration only applies in limited circumstances.

The Petition for Administration is the document filed in a Florida probate court seeking to open the estate of a deceased person. The Petition seeks a couple of things. First, it seeks to have a Will?if there is one?admitted to probate. If there is no Will, then it seeks to open an intestate estate.

A Petition for Formal Administration is the standard document used to open a probate case in Florida. Formal Administration refers to the ?standard? probate process used for most estates in the State of Florida after someone passes away.

The personal representative can be an individual or a bank or trust company, subject to certain restrictions. To qualify to serve as a personal representative, an individual must be either a Florida resident or, regardless of residence, a spouse, sibling, parent, child, or other close relative of the decedent.

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