The probate process in Florida will take a different amount of time, based on the kind of probate. In Florida, there are two primary kinds of probate: a summary probate administration and a formal probate administration. In addition, there’s a disposition without administration available under limited circumstances.
Usually, the formal probate administration takes 6 to 9 months in most cases, beginning to end. The process involves appointing an executor (personal representative), gathering of assets, payment of creditor’s claims, a 90-day creditor period and much more. One vital distinction in probate is that an executor, once he/she is appointed by the probate court upon petition by a lawyer, is able to sell and manage the estate assets. That means that while the process of probate may take numerous months, the estate assets may be effectively managed and sold. Generally, the estate, once the 90-day creditor’s span of time runs, can begin to be closed down with the executor following a stringent procedure to close the estate.
Usually, the summary probate administration, reserved for small estates that are worth less than $75,000 without any debt, may take less than one month under the proper circumstances. In summary administrations, you’ll need all beneficiaries to give consent to the petition. Once the summary petition of the court gets submitted and you have the consent of everyone involved, the order of summary administration typically takes around 2 to 3 weeks to get back from the court. An order of summary administration gives the heirs accessibility to the assets that are subject to a court order. The following is one example of a court order:
Dad’s last will and testament equally distributed assets to the two kids. Dad died without debt. He owned an $8,000 life insurance policy (that didn’t have a beneficiary) and a bank account with $20,000. Upon the probate court petition, the court grants an Order of Summary Administration. With that order, the life insurance company and bank equally release those funds to the two kids.
If you would like to speak with a probate attorney contact Blackburn Law Firm, PLLC today at 727-826-0923.