Probate is the method that an estate becomes settled under the court’s supervision. An individual, normally a living spouse or an adult child, is designated by the court if a will does not exist or chosen by the will of the deceased individual. Once chosen, the individual, termed an executor or personal representative, has legal power to collect and appraise the assets possessed by the estate, to pay bills and taxes, and, eventually, to distribute the assets to the heirs or beneficiaries.
The intent of probate is to stop fraud following somebody’s death. It is a method of freezing the estate until a judge decides that the will is legal, all the pertinent individuals have been informed, all the property in the estate has been recognized and assessed, the creditors have been paid, and all the taxes have been paid. When all of that has been finished, the court issues an order issuing the property and the estate is closed. In the State of Florida, under the Uniform Probate Code, there are three types of probate proceedings: formal administration, summary administration, and disposition without administration. You may want to contact a probate lawyer in Florida for your specific case.
When a person dies with a will, he or she usually names an individual to act as his or her executor. The executor is accountable for ensuring that the debts of the deceased individual (the decedent), are compensated, and any residual money or property is issued according to his or her wishes. It is usual for wills to be created years prior to a person’s death. When death happens, the executor should file the will in court to start the probate procedure. However, it is not always easy. If an executor dies first or decides that he or she no longer wants to be an executor, what happens?
A person is not required to act as a will’s executor. This does not mean that the individual can put the will of the decedent in a drawer and ignore it. Almost all states demand that any individual possessing an original endorsed will deposit it at the court of the county where the decedent lived. Filing deadlines differ from state to state and extend from thirty days to three months. If there is no will, then this is referred to as dying intestate.
When individuals pass away, it is normal to have outstanding bills. A creditor must file his or her claim within two years of the date of a decedent’s death. However, this creditor’s period can be shortened if the personal representative publishes a notice to creditors.
It is also normal for a will not to get filed with the court when the estate of the deceased person is insolvent. Generally, relatives and friends are not legally obligated to personally pay a decedent’s debts, converse with creditors, or start a probate.
Suppose a friend died bequeathing a cherished classic car in his or her will. The person’s friends had few other assets. Because it is a small estate, it is probably excluded from probate. The individual must remember that probate is a process that transfers a property’s legal title from the deceased person’s estate to his or her beneficiaries. The person is fortunate that many states have a restructured process for signing over title in small estates. The procedure is usually implied as transfer by affidavit and might be utilized to collect the deceased person’s personal property without probate. State law will establish the highest fair market value of the deceased person’s whole estate that can pass in this way. The individual will still probably have to present the will to indicate his or her legal right to receive the car.
Probate is not always required. Individuals often do not try to file a will if there is no clear requirement to start probate because the individual left nothing valuable or every valuable item was placed in a trust, a joint account, or some other type intended to avoid probate.
The person must remember that filling a will differs from beginning probate. Even if probate appears not to be required, the will must be filed. It is not that common to find property that belonged to the deceased person years after his or her death. A few states, like Nevada, permit probate to be started decades after an individual has died. In such a situation, the will would permit the recently found assets to be issued.