More Florida Court Of Probate Details at your finger tips

1. What is Probate?

Probate is the method by which the possessions of a deceased person are gathered, creditors paid, and the rest of the estate dispersed to beneficiaries. In many Florida counties, the probate system is carried out in a specialized probate department of the Circuit Court, under the oversight of one or more probate judges.

2. How is Probate Initiated?

Although any beneficiary or creditor can start probate, generally the individual named in the will as Individual Representative, likewise referred to as the executor in other states, starts the process by filing the original will with the court and filing a Petition for Administration with the probate court. Usually a close relative of the decedent who expects to inherit from the estate will submit the Petition for Administration if there is no will.

3. Who is Qualified to Work As Individual Representative?

A bank or trust company operating in Florida, any person who is resident in Florida, and a partner or close relative who is not necessarily resident in Florida are all qualified to act as the Personal Representative. Nonrelatives who are not resident in Florida are not qualified to serve as Individual Representative.

4. How is the Individual Representative Chosen?

If the decedent had a will, the individual named in the will as the Personal Representative will serve, if eligible. The individual selected by a majority of the recipients in interest of the estate will select the Personal Representative if that person is unable or reluctant to serve as Individual Representative. If there is no will, Florida law provides that the making it through spouse may serve, or, if there is no spouse or the spouse is unable or unwilling to serve, the person selected by a bulk of the beneficiaries in interest will serve.

5. Is the Individual Agent Required to Keep an Attorney?

In Florida, the Personal Agent is required in almost all probate estate to keep a Florida probate attorney. Although the Florida probate forms are offered to the public, these are of no use to a non attorney.

6. How is the Personal Representative Compensated?

Florida law supplies a settlement schedule for the Personal Representative, based on a portion of the assets of the probate estate.

7. Is the Family of a Departed Person Entitled to a Part of the Estate?

Florida law offers a family allowance for the enduring spouse and minor children of the departed, along with an elective share for a surviving spouse, thirty percent of the estate, if the enduring partner would choose the elective share to that left under the terms of the will. A Florida resident is entitled to disinherit adult children, for any or no factor. Of course, if it can be shown that the adult children were disinherited as a result of the influence of another, they might have recourse through the probate court.

8. What Properties go through Probate?

Possessions owned by the departed person go through probate. Assets that pass by ways of title, such as property titled as "Joint Tenants with Right of Survivorship," or bank accounts entitled as "Transfer On Death" are exempt to the probate process. Properties that go by methods of a http://www.personalinjurylaw.guru/florida/port-richey/truck-accident-lawyers beneficiary classification, such as life insurance or some retirement accounts, are also not subject to probate.

In some situations, however, assets that would otherwise go by title or recipient designation can be based on the probate process, particularly in the case of an enduring partner opting to take an elective share against the estate.

9. How is Circulation of the Estate Handled if there is no Will?

Florida law states rules for the circulation of an estate if there is no will.

If these is a surviving spouse and no lineal descendants, the enduring partner is entitled to the entire estate.

If there is a surviving spouse with lineal descendants, and all lineal descendants are also descendants of the surviving partner, the making it through spouse is entitled to the very first $20,000 of the probate estate, plus one-half of the remainder of the probate estate. The descendants share in equivalent portions the rest of the estate.

If there is a making it through spouse with lineal descendants, and not all lineal desdendants are likewise descendants of the enduring spouse, the making it through spouse is entitled to half of the probate estate, and the descendants of the deceased share the other half of the estate in equivalent shares.

If there is no making it through partner and there are descendants, each kid is entitled to an equal share, with the kids of a deceased child sharing the share of their departed moms and dad.

Florida law supplies additional guidelines for dispersing an estate in such circumstances if there is no surviving partner and no children or other descendants.

10. Who is accountable for paying estate taxes?

Under the Internal Income Code, the estate tax is gathered from the estate of the deceased. Depending on the regards to the will, the estate tax might be paid from the probate estate only, or also from a living trust, life insurance profits, and other assets passing straight to beneficiaries outside the probate estate. The estate tax return, Type 706, is submitted by the Personal Representative. The Form 706 is due to be filed 9 months after the date of death.