Does Your Relative’s Estate Qualify for Informal Probate?
Are you about to be appointed personal representative of a small estate in Florida? Has thedecedent been dead for over 2 years? Are the West Palm Beach assets less than $75 thousand? You may be able to avoid many of the formalities of formal probate by using something known as summary administration or informal probate. Are you wondering if summary administration is right for you ? Read more here, if not you may need to retain an experienced Palm Beach probate attorney as soon as possible.
Summary Administration
- Summary administration is a procedure available for the administration of West Palm Beach estates under $75,000 or when a decedent has been dead for more than two years.
- What is the biggest difference?
- Its hard to say but probably the fact that a personal representative is not necessary.
- This is accomplished by petitioning the Court to order the distribution of the decedent’s assets to those entitled to it under the will or the law of intestate succession.
- If the West Palm Beach probate court deems the petition proper it will issue an Order of Summary Administration, which authorizes the assets to be distributed to the proper beneficiaries.
- Larger estates may also be eligible for summary administration if the decedent has been dead for two or more years.
- So what happens if the judge denies the petition?
- Then you may need to go to formal probate.
- While an informal or summary probate administration can be done in a matter of months Palm Beach probate will last a minimum of five months.
- A routine West Palm Beach estate will take over a year to properly administer and close.
Formal Probate
- If you have to go to formal probate you will need to appoint a personal representative to the estate.
- A personal representative is liable for mishandling of the estate.
- Are you about to go to formal probate in Delray Beach?
- Retaining an experienced Palm Beach probate litigator is going to save you time, give you peace of mind and ensure you do not end up liable to creditors.
- A personal representative is also required to post a bond which may be exempted do you know how?
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