What is a small estate when it comes to estate planning and application of a Summary Administration of probate?
As per Chapter 735 of the Florida Statute, there are two important criteria that can each qualify an estate as a “small estate.” What that really means is that summary administration – a shorter and less expensive version of probate – is available for the estate.
The first criteria that qualifies an estate for summary administration is a simple math equation. Start by adding up the value of the estate’s assets that are subject to administration in Florida, then subtract the value of any property subject to administration in Florida that is exempt from the claims of creditors. If that final number is under $75,000 then it qualifies for Summary Administration.
The second way to qualify for summary administration is based on the amount of time that passes after the person’s death. If your loved one passed away over 2 years ago, but the estate has not been opened yet, then that estate qualifies for summary administration.
In this circumstance, a petition is filed. When you file this, you attach a copy of the will. It will be determined if you can proceed based on the above criteria and whether all of the proper beneficiaries, representatives, and descendants signed on to the petition for summary administration. The best thing to do is to speak with a trusted attorney who can help guide you in this process.
Now, while this may speed up the process of probate, the judge may decide that the estate doesn’t meet the requirements of summary administration, and you’ll have to go through normal procedures. Examples of how a judge may refuse to order summary administration include, not having all of the proper beneficiaries join in the request, the will specifically requests that the estate be administered under the terms of full probate, or that neither of the two essential criteria are met.
Another piece of this puzzle has to do with creditors. Once the estate is admitted to probate, whether summary administration or full administration, all creditors must be notified and assets will need to be paid to repay any remaining debt.
Because there are many small details that go into each process of dealing with probate, contact a professional attorney. They’ll not only help you, but help you understand why this “small estate” situation may or may not work in your case.
Probate can be a long and frustrating journey. If you’re able to claim a small estate, there’s a chance you can speed up the process. To learn more about estate planning contact Robinson & Casey today.