Waiting Two Years for Summary Administration During Florida Probate: Pros and Cons

If you live in Florida, you might have heard about summary administration. This process is designed to be quicker, easier, and cheaper than normal probate. Although estates worth $150,000 or less automatically qualify, you can also simply wait two years and automatically gain access to summary administration regardless of the estate’s value. Is this a worthwhile strategy? What might go wrong if you intentionally draw out probate for two years? These are questions you may want to ask a probate lawyer in Tampa.

Waiting Two Years vs. Going Through Probate Normally

Two years might seem like a long time, especially if you can finalize probate much faster by avoiding summary administration and navigating this process normally. But how long does “normal” probate take? The reality is that probate can take close to two years anyway. Sometimes it can take even longer than two years.

As a result, you have a choice between navigating an average probate timeline of 18 months or simply waiting 24 months to qualify for summary administration. Since the timelines are so similar, summary administration may begin to look more attractive. Once you reach the two-year mark, summary administration may take just a few months to complete.

Most Estates Cannot Sit Idle for Two Years

The problem with this strategy is the fact that most estates need active management after the death of the decedent. For example, the decedent may leave behind real estate that requires property tax payments. A residential property might require the continuous payment of utility bills, property insurance, and so on. If the property experiences damage (perhaps during a hurricane), someone with legal authority needs to step in and take action.

Complex estates may also have investment portfolios that require careful management. The decedent might leave behind a business that requires oversight and guidance from a qualified professional. Since a personal representative is not involved in summary administration, there is no one with the legal authority to make these key decisions during the two-year period of inactivity.

When Waiting Two Years Might Make Sense

That being said, some families choose to wait two years in order to eliminate crushing debts left behind by the decedent. If you simply do nothing and “wait it out,” the two-year statute of limitations will pass, making unsecured debts impossible to recover. This strategy might also work if the only major asset in the estate is a Florida homestead.

Since the state’s constitution bans creditors from forcing the sale of homesteads to cover debt (with no upper limit), you can simply have a family member live in the home and maintain the property during the two-year delay. Finally, waiting two years may make sense if the assets in question are simple (such as cash sitting in a bank account) with no fees or complex legal steps to worry about.

Can a Seminole Probate Lawyer Help Me?

If you’re considering the pros and cons of summary administration, why not continue this discussion alongside a probate lawyer in New Port Richey? A legal professional can help you assess the benefits and drawbacks of summary administration, and you can determine whether waiting two years truly makes sense for your family. Contact Knudsen Law at 727.398.3600 to learn more.

Source:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0735/0735.html