Tampa Estate Administration Attorney
When a Florida resident dies, they often leave behind property and other financial affairs that need to be properly wound up. The process of distributing the decedent’s property and handling these matters is called estate administration. In many cases, estate administration involves probate, which is where a court oversees the appointment of a person to administer the estate.
If you are involved in handling a friend or family member’s final affairs, you no doubt have many questions about what you need to do and how to do it. A qualified Tampa estate administration attorney can provide you with invaluable guidance and legal representation in this area. Knudsen Law is a full-service Florida estate and probate firm that can walk you through each step of Florida’s probate process.
The Process of Florida Estate Administration
Broadly speaking, estate administration involves three principal tasks:
- identifying and gathering the decedent’s assets;
- paying the decedent’s debts and the expenses of administering their estate; and
- distributing any remaining assets to the decedent’s heirs or beneficiaries.
There are two basic methods of estate administration in Florida: Formal probate and summary administration. Of the two, summary administration is the simpler. Summary administration does not involve the formal appointment of a personal representative or administrator for the estate. Instead, a petition is filed with the court listing the estate’s assets, a plan to pay any known creditors, and who will receive the remaining assets. Summary administration is only available when the decedent passed away more than 2 years ago, or the value of their probate estate (less any property exempt from creditor claims) does not exceed $75,000
For all other estates, formal probate is usually necessary. In probate, the court will appoint a personal representative to administer the estate. If the decedent left a will, the person nominated to serve as personal representative in that document generally has priority of appointment. If there is no will, however, the court will appoint a person to administer the estate under Florida intestacy law, typically a surviving spouse, child, or whomever is the next-of-kin.
It is also important to understand that not everything a decedent owned is necessarily administered by their probate estate. Many assets are exempt from probate altogether. This includes any assets that were placed in a trust by the decedent, any property jointly owned with another person who has survivorship rights, or any account subject to a beneficiary designation.
Once appointed, the personal representative has a number of important legal responsibilities, such as notifying any known or potential creditors of the estate, paying any valid debts presented, filing the decedent’s final tax returns, and filing a final inventory and accounting with the court.
Reach Out to Our Tampa Estate Administration Attorneys
Administering a Florida estate is an important responsibility. If it is your responsibility, you should not hesitate to work with an experienced Tampa estate administration attorney. Contact Knudsen Law today at (727) 398-3600 to schedule a consultation.
