Probate assets are those owned solely by the deceased person at the time of their death or co-owned with others without automatic succession provisions. Examples include bank accounts, investment accounts, life insurance policies, annuity contracts, individual retirement accounts, and real estate titled solely in the decedent’s name.
Probate is necessary to transfer ownership of probate assets to the beneficiaries. If the deceased person had a valid will, the court will admit it to probate and distribute the assets according to the will. If there is no will, the assets will be distributed according to state law. Florida law specifies different scenarios for distributing assets to surviving spouses, descendants, parents, siblings, and more remote relatives.
The probate process involves various parties, including the clerk of the court, a circuit court judge, a personal representative (executor), an attorney, creditors, and the Internal Revenue Service (IRS). The personal representative is responsible for identifying and safeguarding the assets, publishing notices to creditors, paying valid claims, filing tax returns, and distributing assets to beneficiaries.
The probate process is supervised by a circuit court judge who makes decisions regarding beneficiaries, the appointment of a personal representative, and resolving disputes. The personal representative can be an individual or an institution such as a bank or trust company, subject to certain qualifications.
It is recommended that a personal representative engage a qualified attorney to navigate the legal complexities involved in probate. The attorney advises the personal representative and represents their interests throughout the process. The estate is obligated to pay the decedent’s debts, and creditors are given an opportunity to file claims during the probate process.
The material in this article represents general legal advice. Because the law is continually changing, some provisions in the pamphlet by Florida Bar may be out of date so it is always best to consult an attorney about your legal rights and responsibilities in your particular case. Feel free to reach out to us if you need legal advice, we are always available!
This article is a digestible summary of the Consumer Pamphlet by Florida Bar
Eitan Gotovnik
Attorney in charge for Select Title Services