Florida is a state located in the south-eastern region of the United States. It is an amazing place for any individual to get settled down here. The state permits individuals to possess a large and inexpensive amount of real estate holdings.
Do you realize that purchasing and selling real estate is the finest way to increase your financial assets? However, this can be a difficult process to complete without the correct expertise, and without it, a person may suffer damages.
What is probate property?
The property of a deceased owner that is undergoing the legal process of transferring ownership or selling is known as probate real estate. During this difficult moment, loved ones face obstacles in deciding what to do with the property.
“Probate is the formal legal process that recognizes a will and selects the executor or personal representative who will administer the estate and distribute assets to the intended beneficiaries,” according to the American Bar Association.
Why is probate essential?
To transfer ownership of a decedent’s probate assets to the decedent’s beneficiaries, probate may be required. If the dead left a valid Will, the Court will admit it to probate (following formalities) and transfer ownership of probate assets to the listed beneficiaries.
If the decedent died without leaving a Will, probate may be required to transfer ownership of the decedent’s Florida probate properties to those who are entitled to them under Florida law. Transferring ownership of some assets does not necessitate a probate proceeding. For detailed advice, you should consult a probate attorney.
Probate may also be required to close the estate of the decedent. If certain procedures are performed correctly during the administration of the decedent’s estate, the decedent’s creditors will be compensated.
Where do Florida probate properties papers get filed?
Within 10 days of receiving notice that the testator has died, the custodian of a Will must deposit the original copy of the Will with the clerk of the Court having jurisdiction over the decedent’s estate. (Florida Statutes, Section 732.901.) The clerk of the Court does not charge a fee to deposit the Will. When a probate case is opened, a filing fee must be paid to the clerk. The clerk then gives a file number to all papers filed with the clerk for the administration of the decedent’s Florida probate properties and keeps a running record of them.
Documents providing financial information concerning the decedent’s probate estate are not available for public examination for the purpose of protecting the privacy of the decedent’s beneficiaries.
Is Probate a Time-Consuming Process?
It all depends on the circumstances. For example, before settling the probate estate, the personal representative may need to sell real estate or resolve a creditor’s disputed claim or a lawsuit challenging Will’s validity. Any of these factors would lengthen the administrative process. Even the simplest probate estates must be open for at least the three-month creditor claim period; it is fair to expect simple Florida probate properties to take roughly five or six months to manage correctly.
If the estate is not required to file a federal estate tax return, the final accounting and other paperwork required to end the probate estate must be submitted within 12 months after the personal representative receiving Letters of Administration from the court. If necessary, this time can be prolonged.
If the estate is required to submit a federal estate tax return, the return is due nine months after the decedent’s death date; however, the deadline can be extended for additional six months. If a federal estate tax return is required, the final accounting and other documentation needed to finish the probate administration must be completed within 12 months of the estate tax return’s due date, as extended. If required, this deadline can be extended.
In general, the decedent’s assets cover the cost of the probate process, the decedent’s burial expenditures, and finally the decedent’s outstanding obligations. The estate’s remaining assets are dispersed to the decedent’s heirs. The Florida Probate Code can be found in Florida Statutes Chapters 731 through 735.