In addition to preparing wills, trusts, and other estate planning documents, Peter assists clients in administering estates and trusts after a person’s death. This section briefly explains the meaning of some of the common terms used in this area of law and the process of estate administration in the State of Florida.
The decedent. A “decedent” means one who is or has died. In Florida, the term is used to describe the person who has died owning assets or liabilities in his or her name, and whose assets and liabilities need to be distributed according to the terms of a will or by operation of law.
The estate. The assets of a decedent may include their home and other real property, investment accounts, stocks, bonds, or other securities, bank accounts, personal property, including automobiles, boats, planes, jewelry, and collections of various types (stamps, music, books, antiques, etc.).
Probate and Estate Administration. In very broad terms, when a person dies in Florida, their estate consists of the assets and liabilities owned by the person or titled in their name upon their death. The terms used to describe the process of sorting out who owns what after a person dies are “probate” and “estate administration”.
The process is generally supervised by the Circuit Court located in the county where the person resided at the time of their death. Florida law generally requires that a personal representative be represented by an attorney licensed to practice law by The Florida Bar.
Testate and intestate. A last will and testament (will) is a document created to provide direction concerning these assets and liabilities. When a person dies who has executed a valid will, the estate is called “testate”, and the provisions of the will will be observed to the extent there are assets available for them and to the extent they comply with Florida law.
When a person who has not executed valid will dies, their estate is described as “intestate”. In this case, the assets and liability of the estate are distributed according to Florida law directly, s the decedent left no instructions in a will.
Personal representatives. In Florida, the person who is in charge of administering an estate is called a personal representative. This is a function similar to an executor in other states. More than one person may be appointed personal representative.
Estate Administration. In general terms, the process by which most estates are handled is called “formal administration”. This process starts when, after the decedent has died, the person nominated in a will to be the estate’s personal representative submits the will to the Circuit Court of the county in which the decedent resided at the time of death to be admitted to probate and requests to be appointed personal representative of the estate.
Once appointed by the Court, the personal representative has certain powers and duties towards those who are entitled to receive assets of the estate. Some examples of these obligations are that the personal representative is required to notify those who may be entitled to receive property of the estate, collect and preserve the assets of the decedent, identify all those who may be creditors of the decedent and their respective claims, and manage the distribution of estate assets according to the terms of the decedent’s will and in accordance with the provisions of Florida law.
Creditors and certain government offices and agencies may be entitled to notice of a person’s death and an opportunity to present their claims for payment.
The debts of a decedent often include mortgage balances, medical bills for last illness and treatment, balances on car loans, obligations to banks or other lenders, bills for utilities, credit card debt, and debts arising from contracts with various service providers (such as communications, insurance, assisted living, etc.).
Florida law provides that certain estates may be handled without formal administration. These alternate types of administration include disposition of personal property without administration (available for estates with certain classes of assets with a value of less than $10,000); and summary administration” (available for estates with less than $75,000 in total assets (not including homestead) or for estates where the decedent has been dead for more than two (2) years).
If a person dies as a resident of another state and owned property in the State of Florida at the time of death, a process called ancillary administration is available to administer the decedent’s property located owned in Florida.
Peter advises probate clients in connection with all types of estate administration, including formal, summary, ancillary, and disposition without administration, and with estates with assets in any amount.
Homestead. Florida law has specific provisions concerning a home that was the decedent’s homestead; and property that qualifies as homestead under Florida may be free from the claims of creditors and may be subject to limitations concerning who the decedent may give it to in his or her will or trust.
Important. The information presented here is for background purposes only and is not and should not be considered specific legal advice to any particular reader or to any particular case. Readers are cautioned that while reasonable steps have been taken to ensure the information presented here is correct and current, no representations or warranties are made about the information presented herein, and readers should not rely on the information presented here without further consultation with an attorney who practices in this area of law. This information is not intended as a complete statement of the law of the State of Florida concerning the administration of estates in Florida, but rather is intended an informal summary of the estate administration for general information purposes only.