With every client there is always that moment where we have to get down to brass tax- how much does Florida probate really cost? That is a good question that is by no means simple to answer. The amount of assets, the structure of the estate plans and the general temper of the beneficiaries all matter. Most firms work on an hourly basis so the length of probate is also significant. Here is my quick reference guide for beneficiaries to evaluate the cost of Florida probate. Obviously the most accurate estimates can only come through consultation from an experienced Palm Beach Probate Attorney.
What happens when the assets are less than the decedent’s debts?
- This is sadly a common occurrence in our modern credit based culture.
- There will not be any inheritance to the heirs or beneficiaries, who receive assets only if all debts are paid.
- Florida law has a stated priority of claims, in which some claims (such as funeral expenses and final medical bills) come ahead of others.
- Most important in this day of living trusts, Florida law allows the creditors to reach assets of the deceased which were placed in certain types of trusts, and requires those trustees to use trust assets if necessary for estate expenses and claims.
- Agreeing to serve as personal representative does not obligate one for the debts of the deceased; they are obligations of the estate, to the extent there are assets to pay them, but becoming an executor does not make those debts your own.
What is the average length of time to complete Probate.
- Unless there are complications or disputes, most nontaxable estates take between six and ten months for formal administration and four to five weeks for a summary administration.
- Summary administration is a procedure to speed up closing of estates when court supervision is no longer necessary.
- Taxable estates cannot close until the IRS signs off on the Estate Tax Return 706, which has to be filed within nine months after the date of death and often takes that long to prepare.
- Taxable estates are doing well to close in two years. However, in many taxable estates the work is primarily done in the first nine months, and the rest of the time is spent mainly waiting for IRS review and approval to close the estate.
So how does this all boil down? WHAT makes up the average cost of Probate in Florida.?
- Florida law allows estate lawyers to collect fees based on a flat fee, hourly or contingency.
- Contingency is based on a percentage of the estate.
- Estates vary from very simple to extremely complicated, based on the type of assets owned, the number of beneficiaries, and special instruction from the will itself.
- So if your rich uncle had property in two countries or fifteen state, expect the cost to be higher.