Do you know the different forms of probate in West Palm Beach? Depending on the estate’s assets you may be able to utilize a simplified administration. This is going to save time and money, which means a larger inheritance for everyone, wants to share. Want to learn more? Check out our West Palm Beach probate guide.
Probate Administration
- Presently in West Palm Beach there are three different forms of administration that you may be concerned with.
- The one you are probably most familiar with is formal probate which is for estates that are over $75 thousand in assets where the person has been dead less than two years.
- If time has dragged on or the estate is worth less then summary administration may be proper.
- Finally if you only own property in West Palm Beach but do not reside there then you may want ot look into something known as an ancillary probate.
Ancillary Probate
- Have you ever heard the term ancillary probate?
- This is for when there is property within a jurisdiction but the estate in general did not reside in that jurisdiction.
- These are common in places like West Palm Beach where often decedent’s have summer or vacation homes.
- If you are probating the estate in West Palm Beach you may have ancillary probates in other jurisdictions including some outside of the country.
Summary Administration
- Summary administration is a simplified probate process that could save time and money, this means more money to be split up in the end.
- If you are serving as personal representative how do you know whether or not the estate qualifies for summary administration?
- Look out for estates that have been open in excess of two years or estates that are worth less than 75 thousand dollars.
- What are the benefits of a summary administration?
- For one thing you can avoid a lot of the more time consuming aspects of a formal probate.
Formal Probate
- This is also the “default probate” that occurs when no other probates are applicable.
- If you are the personal representative of a newly formed estate worth over 75 thousand dollars then you may not be able to bring about a less formal probate administration.
- Did you know that plenty of millionaires have probate estates worth less than 75 thousand dollars? But how?!
- Do not forget it is the value of the probate estate in other words non-probate assets do not count!
- If your decedent left their funds in trust and other non-probate vehicles you may be able to elect for informal probate!
Want to learn more about the different forms of probate in West Palm Beach?