Whether or not a deceased has a Will, as a general matter any property solely titled in the name of the decedent will need to go through a legal process known as probate.
According to a 2022 Wills and Estate Planning Study conducted by Caring.com, 2 out of 3 adults in the United States do not currently have a proper estate planning documents like a will or living trust. This spans across all income levels as a number of celebrities have died without a which include Aretha Franklin, Prince, Bob Marley and Sonny Bono.
The study also include than over half of adult Americans think estate planning is important but approximately one third of respondents feel that they don’t have sufficient assets to leave behind.
To see all the details of this survey by Caring.com, please click here.
What is Probate?
According to www.FLCOURTS.org, probate is a “court supervised process for identifying and gathering the assets of a deceased person (decedent), paying the decedent’s debts, and distributing the decedent’s assets to his or her beneficiaries”.
In Florida Law there are two types of probate administration which are as follows:
- Formal Administration
- Summary Administration
Formal Administration is typically the most traditional type of probate in Florida and is required in Florida when non-exempt assets exceed $75,000 (also within two years of the date of death). During this process a Personal Representative or “PR” (some other states refer to the Personal Representative as an Executor) is appointed by a judge and will be responsible for gathering the assets of the estate, pay all creditors and distribute the remaining proceeds to the beneficiaries.
The Summary Administration process is a more shortened process and traditionally used when the size of the estate is less than $75,000 and there are few creditors. There is also a process called “Disposition of Personal Property Without Administration” which is a non-court supervised process. Florida Law requires legal representation for a Formal Administration (you must use an attorney licensed to practice in Florida).
It is highly recommended to seek qualified legal council before moving forward with any Probate process.
What are Probate Assets?
As mentioned, probate assets are typically in the sole name of the deceased person or have other owners but lack a provision for automatic change of owner upon death (ie. beneficiary designation).
- Cash and Bank Accounts
- Stocks, Bonds and Investment Accounts
- Certain Life insurance, annuities and retirement accounts
- Real estate (individually owned or as tenants in common, unless a homestead property)
Since a home or other real property frequently represents the vast majority of the estate, and with real estate assets not immediately salable like stocks and bonds, great care is needed by the PR when deciding how best to proceed.
Probate Real Estate
Once the probate process is completed, the home or other real estate is now in a state where it can be sold to a third party unless a court order has been provided to sell the property during the probate process.
Depending on your time frame and upon advice of your attorney, it is possible that the property can be properly prepared for marketing and offered for sale on the open market.
As a Certified Probate Real Estate Specialist (CPRES), we have knowledge of the probate process as well as the experience to get your property properly prepared for sale and sold for maximum value.
Some of the resources that are complimentary with our services include:
- Coordinating of moving, storage and estate sale services
- Addressing any health, life & safety issues
- Property clean up and debris removal
- Extensive referral network of service providers
Ready to get Started?
If you are ready to get started, now is the time to call Quantum Realty Advisors, Inc. for a free, 30-minute consultation to discuss your immediate needs and how we can help to address them.
On behalf of our clients and strategic partners, we have successfully sell over hundreds of residential and commercial properties in most major markets nationwide.
Our team has an extensive network of highly experienced partner brokers who can assist with all the local requirements, and we will personally be there for you every step of the way.
The information provided in this website was derived from sources deemed to be reliable to is not guaranteed or warranted. All information, content, and materials available on this site are for general informational purposes only and are not intended to be legal, financial or tax advice. The information contained herein is not a substitute for professional legal, financial or tax consultation and should not be relied upon for any legal, financial, or tax matters. If you require legal, financial or tax assistance, please consult with a qualified attorney, financial or tax professional who can provide guidance tailored to your specific situation.
