What Is Summary Administration Of An Estate?
When a loved one dies, the remaining family is often left to deal with the person's estate. The estate can include a variety of assets including a person's personal property, real estate and investments. It will also include any income and any debt a person had. In some cases, people leave an estate plan in order to explain how the estate should be distributed. The distribution of assets can also occur according to state laws if no estate plan was left.
Estate administration issues in Florida can be complex. The laws can be difficult to understand for people. Despite the complexities, the estate administrator is still responsible for ensuring that the distributions are made. In some cases people may face the choice between a summary administration of the estate or a formal administration of the estate.
A summary administration of the estate is one option under Florida laws. In this process, a person's estate is administered in a simpler and faster way. Generally, these proceedings cost less than a formal administration. In order request a summary administration, the estate administrator files a petition with the court. In this petition, the person asks that the estate be distributed according to Florida law -- if there is no estate plan -- or according to the decedent's will.
Under Florida law, a summary administration is only available in certain situations. A summary administration will only be allowed if the decedent has been dead for more than two years or if the decedent's estate is worth less than $75,000. Additionally, the estate must be relatively simple and cannot have outstanding debts to qualify for summary administration.
Determining what type of administration to seek is a legal question that an attorney can answer. While this post can only provide information, an attorney can answer specific legal questions about a particular situation.
Rignanese & Associates is available to work with clients on their legal needs. Please reach out to us at 863.294.1114.
1. On behalf of Kelly Kennedy of J. Kelly Kennedy, Attorney/CPA, PLLC which has been acquired by Rignanese & Associates, PLLC.