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What is probate in Florida?
Florida probate is a legal proceeding for dealing with the Florida assets of a deceased person. According to the Florida bar: 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.
Can you add a payable-on-death designation in Florida?
Florida law allows residents to add a payable-on-death designation to checking accounts, savings accounts, retirement accounts, certificates of deposit, and life insurance policies. As long as the deceased person has designated a beneficiary, the money in the account may be transferred to the named person without probate.
What is summary administration in Florida probate?
Summary Administration – Summary administration is a shortened form of probate. It only applies if the decedent has been dead for more than two years or if the total value of the decedent’s property (exclusive of exempt assets) does not exceed $75,000.00. See the discussion of Florida Summary Administration for more information.
What is intestate succession in Florida probate?
Intestate succession means that Florida probate law decides who will be the new owner of the decedent’s land and other assets. These are the decedent’s “heirs.”
Florida Probate Rules And Processes Probate is a necessary court-supervised legal process used for the verification and administration of an individual’s assets after death. This legal process varies from state-to-state and is necessary to ensure assets are correctly distributed to beneficiaries.
What assets do not have to go through probate in Florida?
– In Florida, most assets are required to go through probate; thus, it’s easier to list assets that don’t go through this process. First off, assets that are held within a living trust, may avoid probate. Also, property that is shared through a “joint tenancy,” may also avoid this process.
Does Weidner law specialize in probate law in Florida?
Here at Weidner Law, we specialize in probate law in the St Petersburg, Florida area and we have assisted more than a few Florida residents with the probate process.
Who pays for funeral expenses in Florida probate proceedings?
In general, the decedent’s assets pay the probate proceeding’s cost, the decedent’s funeral expenses, then the decedent’s outstanding debts. The remainder of the assets is distributed to the decedent’s beneficiaries. You can find the Florida Probate Code in Chapters 731 through 735 of the Florida Statutes.