WHAT IS THE PROBATE PROCESS?

Probate is a common term. However, what it entails may not be as commonly understood. Loved ones facing the loss of a family member may wonder what the probate process involves. In general, the probate process is a court-supervised process that gathers assets, pays debts and distributes assets to beneficiaries when an individual passes. In Florida, there are different types of probate administration, including summary administration and formal administration.

The probate administration process applies to probate assets. Probate assets include assets that were owned in the sole name of the individual who passed or in circumstances when the assets were owned by the individual who passed and one or more co-owners, but lacked an automatic succession provision in the event of death, which can be complicated at times.

Probate assets include bank accounts or investment accounts that were held in the sole name of the individual who passed; a life insurance policy, annuity contract or individual retirement that is payable to the estate of the individual who passed; or real estate titled in the sole name of the individual who passed and in a couple additional technical legal circumstances, it is important to understand. The probate process is required to pass ownership of the probate assets of the individual who passed to their beneficiaries, if the individual who passed did not have a will. The process is also necessary to complete the financial affairs of the person who passed and ensures that creditors are properly paid.

There are a variety of complexities associated with the probate process, which is why it can be helpful to be familiar with the process. Understanding the probate process can be helpful for family and friends during a difficult time following the loss of a loved one.

Please reach out to us at 141 5th Street NW, Suite 300, Winter Haven, Florida 33881 at 863.294.1114.

Established in 1991, Rignanese & Associates is available to work with clients on their legal needs.

On behalf of J. Kelly Kennedy, Attorney/CPA, PLLC, which has been acquired by Rignanese & Associates, PLLC.

Source: FlCourts.org, "Probate," accessed on Aug. 15, 2017