Probate is the process of the Court supervising the disposition of your assets and payment of your liabilities. Probate is used even when there is an executed Last Will & Testament.
The process, called Probate Administration requires that a personal representative be appointed to handle the estate. This is also sometimes referred to as the Executor. The personal representative is appointed by a Court Order. This is the person who will have the authority to act on behalf of the Estate in dealing with all the financial matters such as liquidating assets, executing any necessary contracts or deeds relating to property, endorse checks or drafts, and make payments as necessary for the upkeep of property or payment of debts. When there is a valid will, the Personal Representative appointed is usually the one named within the will, however, certain factors may be present that require the appointment of a different individual. When there is no Will present, any person with an interest in the estate can Petition to be appointed as the Personal Representative.
In the majority of Probate Administrations, a required Creditor’s Notice must be published and a specific time period is required in which creditors of the decedent are allowed to file a claim against the estate for monies they may be owed. The Court will insure that any valid claims are paid to the extent of funds available to Estate. The Personal Representative is also granted the power to deal with the creditors to negotiate settlement amounts that may be acceptable in lieu of payment in full. This can help to preserve the Estate assets that will passed down to the heirs.
The Court’s function is to appoint an individual to act on behalf of the estate, verify payment of any valid claims, and to insure that the estate assets are distributed either in accordance with the decedent’s Last Will & Testament or in accordance with Florida law.
In some cases a simplified administration, called a summary administration, can be used to settle estates quickly. In other instances a formal administration must be done when there are more assets or more complicated estates.
In any event, the attorneys at The Law Firm for Family Law can provide you with the help and assistance necessary to ensure a successful probate administration.
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