More Extremely Interesting Florida Probate Court Information

1. Exactly what is Probate?

Probate is the method by which the possessions of a deceased individual are collected, financial institutions paid, and the rest of the estate dispersed to recipients. In most Florida counties, the probate system is carried out in a specialized probate department of the Circuit Court, under the oversight of one or more probate judges.

2. How is Probate Initiated?

Although any recipient or financial institution can start probate, usually the person named in the will as Personal Agent, also referred to as the executor in other states, starts the process by submitting the original will with the court and filing a Petition for Administration with the court of probate. If there is no will, generally a close relative of the decedent who anticipates to inherit from the estate will file the Petition for Administration.

3. Who is Qualified to Serve as Personal Representative?

A bank or trust company running in Florida, any person who is resident in Florida, and a spouse or close relative who is not always resident in Florida are all qualified to work as the Personal Agent. Nonrelatives who are not resident in Florida are not qualified to function as Individual Agent.

4. How is the Personal Agent Chosen?

If the decedent had a will, the individual called in the will as the Personal Agent will serve, if eligible. If that individual is reluctant or not able to serve as Personal Agent, the person selected by a majority of the recipients in interest of the estate shall select the Personal Agent. If there is no will, Florida law offers that the making it through partner may serve, or, if there is the spouse or no partner is not able or reluctant to serve, the person chosen by a majority of the recipients in interest will serve.

5. Is the Individual Agent Required to Maintain an Attorney?

In Florida, the Personal Representative is required in almost all probate estate to keep a http://www.popscreen.com/v/7On22/Car-Accident-Attorneys-in-Spring-Hill-Lucas-Green-and-Magazine-7278495353 Florida probate attorney. Although the Florida probate types are readily available to the public, these are of no use to a non attorney.

6. How is the Individual Representative Compensated?

Florida law provides a compensation schedule for the Personal Representative, based on a percentage of the possessions of the probate estate.

7. Is the Household of a Deceased Person Entitled to a Part of the Estate?

Florida law provides for a household allowance for the making it through spouse http://www.popscreen.com/v/7OmK5/High-Point-Car-Accident-Lawyer-Lucas-Green-and-Magazine-7278495353 and minor children of the departed, in addition to an elective share for a making it through partner, thirty percent of the estate, if the surviving partner would choose the optional share to that left under the terms of the will. A Florida citizen is entitled to disinherit adult children, for any or no factor. Obviously, if it can be shown that the adult children were disinherited as a result of the impact of another, they may have recourse through the court of probate.

8. What Possessions go through Probate?

Assets owned by the departed individual are subject to probate. Assets that pass by ways of title, such as real estate titled as "Joint Tenants with Right of Survivorship," or bank accounts titled as "Transfer On Death" are not subject to the probate procedure. Assets that pass by means of a beneficiary designation, such as life insurance or some retirement accounts, are likewise not subject to probate.

In some circumstances, however, properties that would otherwise go by title or beneficiary classification can be subject to the probate process, especially in the case of a making it through partner opting to take an elective share versus the estate.

9. How is Distribution of the Estate Handled if there is no Will?

If there is no will, Florida law sets forth rules for the circulation of an estate.

The surviving partner is entitled to the entire estate if these is a surviving spouse and no lineal descendants.

If there is a surviving partner with lineal descendants, and all lineal descendants are likewise descendants of the enduring partner, the enduring partner is entitled to the very first $20,000 of the probate estate, plus one-half of the remainder of the probate estate. The descendants share in equivalent parts the rest of the estate.

If there is a surviving partner with lineal descendants, and not all lineal desdendants are likewise descendants of the enduring spouse, the surviving spouse is entitled to half of the probate estate, and the descendants of the departed share the other half of the estate in equivalent shares.

If there is no enduring spouse and there are descendants, each kid is entitled to an equal share, with the children of a deceased child sharing the share of their departed parent.

Florida law provides additional rules for dispersing an estate in such circumstances if there is no enduring spouse and no children or other descendants.

10. Who is accountable for paying estate taxes?

Under the Internal Revenue Code, the estate tax is gathered from the estate of the deceased. Depending on the terms of the will, the estate tax might be paid from the probate estate just, or also from a living trust, life insurance coverage proceeds, and other possessions passing directly to beneficiaries outside the probate estate.