What Is Probate?

Probate is a legal process that occurs after someone passes away. It involves the court overseeing the distribution of their estate, which includes both assets and debts. Whether a person dies with a will (known as “testate”) or without one (known as “intestate”), probate ensures that their wishes are honored, or that their estate is divided according to state laws.

The Role of a Will
If there’s a will, the probate court reviews it and appoints an executor (also called the Personal Representative in Florida) to manage the estate. This process includes inventorying the deceased’s assets, paying off any debts, and distributing what remains to the beneficiaries named in the will. If someone dies without a will, state intestacy laws dictate how their assets are divided, usually favoring close relatives.

Initiating the Probate Process in Florida
In Florida, the process starts with filing a “Petition for Administration” in the county where the deceased lived. This document includes vital information, such as the deceased’s name, address, and the names of relatives. If there’s no will, a similar petition is filed, but the court may require the petitioner to post a bond to protect the estate from potential mismanagement.

Assets That Bypass Probate
Not all assets go through probate. Jointly owned property, life insurance policies with named beneficiaries, retirement accounts, and assets with transfer-on-death designations bypass this process and go directly to the heirs. This can significantly reduce the size of the probate estate. Florida also offers a simplified probate process for smaller estates valued at $75,000 or less.

Challenges of Probate
Many people seek to avoid probate due to its potential complications. The process can be lengthy, expensive, and public, meaning that anyone can see the estate’s details. By planning ahead with tools like living trusts or joint ownership, individuals can streamline the transfer of their assets, maintain privacy, and ease the burden on their loved ones during a difficult time.

Get Assistance with Estate Planning
At The Mendez Law Firm, we specialize in Estate Planning and can guide you through the process of creating a Family Estate Plan. Call us at (407) 380-7724 or Email Us TODAY at mail@themendezlawfirm.com. We’ll schedule your FREE, No Obligation, No Cost office conference or Virtual Zoom conference to discuss your Family Estate Plan and review other Probate avoidance and Asset Protection options that may benefit you and your family. If you are looking for a Florida estate planning attorney, we are here in the Greater Orlando area to help with all your Estate Planning and Asset Protection needs.