After a loved one dies, they may have left a will or no guidance documents at all. If you live in Central Florida and you don’t know what you should do about a deceased loved one’s estate, you might be wondering how probate works in Osceola County, Florida.
Probate is the process of transferring assets from the decedent, or deceased person, to beneficiaries. It also involves paying any debtors and other claimants from the estate. When you aren’t sure how or where to file, or if you simply want to avoid time-consuming mistakes, you should hire a probate lawyer to help you. At Pathway Law, P.A., we have helped many families and heirs understand and administer probate.
Why Probate Might Be Necessary
Probate may not be required for every estate. Estates worth more than $75,000 most likely must go through formal probate. If an estate has complicated assets, such as financial accounts or several beneficiaries, probate is necessary to make sure all assets are distributed properly.
What Are Probate Assets?
Probate assets are assets that were the sole legal possession of the decedent while they were living. They are also assets that are in the decedent’s and one or more other people’s names, but have no clear legal beneficiary.
Examples of probate assets are:
- Real estate solely in the decedent’s name
- A bank account solely in the decedent’s name
- A life insurance policy payable to the estate
Examples of non-probate assets include the following:
- Real estate in the decedent and another person’s name as “joint tenants with right of survivorship”
- A bank account held jointly with another person with right of survivorship
- An investment account held jointly with another person with right of survivorship
A life insurance policy payable to someone else may not need to go to probate. Consulting a probate attorney for your specific case would be wise.
Steps in the Probate Process in Osceola County
Probate is generally the same for everyone in Osceola County. The process includes the following steps:
- File the Will. A valid will must be filed with the Osceola Clerk of the Circuit Court, located at 2 Courthouse Square in Kissimmee. It must be accompanied by a petition for administration.
- The judge appoints an executor. If there is no will or no executor is named in the will, the probate judge will appoint someone to be the personal representative of the estate.
- Identify assets. The representative must identify, gather, and value the probate assets. These assets must be safeguarded until the estate is fully closed.
- Notify heirs and creditors. The representative is also responsible for making a good-faith effort to notify heirs, beneficiaries, and known creditors of the probate case.
- Distribute assets. After paying all creditors, the representative must distribute the remaining assets among the heirs.
Once all assets are distributed, the estate can be closed.
Probate Administration When There Is No Will
Only 31% of people in the United States have wills, 11% have trusts, and 55% have no estate planning. If there is no will, the estate is considered intestate. With intestate estates, the beneficiaries are determined by intestate succession laws.
The surviving spouse is entitled to the entire estate except in the following cases, when they’re only entitled to half:
- There are surviving children who are not the surviving spouse’s children.
- The surviving spouse has children with the decedent, as well as children who are not the decedent’s children.
If there are no spouses or children, Florida law has a specific order that must be followed for dividing the estate.
Hire a Probate Lawyer in Osceola County
When a loved one dies, emotions can run high, creating tension even in a normally loving family. When you hire a probate lawyer, they can guide you through the process and serve as a neutral party during any disagreements.
The probate process can also be challenging and time-consuming. Rather than navigate that on your own, consult a probate attorney to avoid spending too much time dealing with paperwork and confusing legal requirements.
FAQs
What Is the 10-Day Rule for Probate in Osceola County?
The 10-day rule for probate in Osceola County is based on Florida Statute 732.901. The statute states that the custodian of a will must file the will with the Osceola Clerk of the Circuit Court within 10 days of finding out about the death. While there is no fine for not filing within the 10 days, it can significantly slow down the probate process.
What Assets Do Not Pass Through Probate in Florida?
In Florida, assets with certain attributes do not pass through probate. Any assets with joint ownership and “right of survivorship” will pass to the other owner upon the decedent’s death. Assets that have a named beneficiary, such as a life insurance account or revocable living trust, will pass directly to the beneficiary. A small estate under the $75,000 threshold may be able to avoid probate by filing a summary administration with the court.
Who Files the Estate Taxes During Probate in Florida?
During probate in Florida, the executor must file both tax returns and property taxes for the estate. The Internal Revenue Service (IRS) and the Florida Department of Revenue (DOR) are creditors that you must not forget when paying creditors from the estate. If you hire a probate attorney to administer an estate, they can assist with this requirement.
What Is a Summary Administration in Florida Probate?
In Florida probate, summary administration is a quicker and simpler process for small estates. While estates under $75,000 do not have to go through formal probate, they often go through summary administration. Summary requires the surviving spouse or personal representative to file a petition to request it. The petition must be signed by the surviving spouse or heirs.
Schedule a Consultation With Pathway Law, P.A.
At Pathway Law, P.A., we are highly experienced in estate planning and probate. Our focus is on giving our clients the time and attention they need to guide them through probate in an efficient manner. We want our clients to be able to grieve without worrying about the complexities of probate.
We understand what a difficult time this is. If you recently lost a loved one or were named the personal representative in a probate case, contact us for help and guidance.