Summary
In Florida, formal probate is necessary for estates over $75,000, while summary probate applies to smaller estates or if the decedent has been deceased for over two years. Assets like homestead property, living trusts, and jointly owned assets with rights of survivorship are exempt from the $75,000 limit. Formal probate can last 6 months to a year, influenced by court involvement, creditor claims, and estate complexity. Costs include filing fees, attorney fees (often 3% of the estates value), and personal representative fees. Homestead property is typically excluded from the 3% attorney fee calculation.Full Conversation
most assets, like a house and car, as well as a coin collection are stated in the will to go to specific individuals
In Florida, the total estate value determines the type of probate. If assets like a house, car, and coin collection exceed $*,*, formal probate is required.
Do you know the estimated total value of these assets?
what assets do not count towards the $*,* limit ?
In Florida, certain assets are not counted towards the $*,* limit for summary probate. These typically include:
- Homestead property
- Assets held in a living trust
- Payable-on-death or transfer-on-death accounts
- Jointly owned assets with rights of survivorship
- Life insurance policies with a designated beneficiary
Do you have any specific assets in mind you'd like to ask about?
how long does formal probate last, at a minimum
Case Rating: *
Formal probate in Florida generally takes between 6 months to a year, but can take longer depending on the complexity of the estate and any issues that arise during the process.
Do you have any specific concerns about the duration that we can discuss?
What happens with a homestead property during formal probate
Case Rating: *
In Florida, during formal probate, homestead property is usually protected and passes to the heirs directly, as it is exempt from most creditor claims. It does not count towards the total estate value for probate purposes.
Is there anything more specific you would like to know about homestead property or probate?
When does the heir take ownership
Case Rating: *
In Florida, heirs typically take ownership of estate assets after the formal probate process is completed and the court issues the final order of distribution. This can generally take between 6 months to a year, depending on the complexity of the estate.
Do you have any specific concerns regarding the timeline or process?
why does formal probate take so long
Case Rating: *
Formal probate in Florida takes longer due to several factors:
- Court involvement: Requires court supervision for asset distribution.
- Creditor claims: Time is needed to notify and settle any creditor claims.
- Inventory and appraisal: Assets must be inventoried and appraised.
- Complexity: Larger or more complex estates take more time.
Is there a specific aspect of the process you are concerned about?
how much will this cost me if i'm paying for everything during formal probate
Case Rating: *
The cost of formal probate in Florida can vary significantly based on the complexity and size of the estate. Here are some potential expenses:
- Filing fees: $*-$*
- Attorney fees: Often *% of the estate's value
- Personal Representative fees: Typically *% of the estate's value
- Additional costs: Appraisals, court costs, etc.
Do you have a specific concern about any of these costs?
is the homestead property included in the *%
Case Rating: *
The homestead property is usually not included in the *% attorney fees calculation, as it is generally exempt from creditor claims and doesn't count towards the estate's total value for probate purposes.
Do you have any other questions or concerns regarding the probate process?
TRY ME!
Start a new chat