Cape Coral Probate - Probate in Florida
Have you been named as personal representative in a will? The Florida Probate Code requires that the appointed personal representative in a probate matter (who serves the same role as the executor in many other states) be represented by legal counsel. That counsel must be a licensed to practice law in Florida.
Probate is the process of settling the estate of a deceased person. That process includes proving that the will - if one exists - is legitimate and valid, identifying the assets of the estate that are subject to probate and notifying all interested persons of the existence of the will and its filing for probate. Those interested persons include creditors, who will be given a period of time in which to file claims for payment against the estate. In addition, anyone mentioned in the will must be notified, as well as all "heirs under law" - anyone who might inherit under the probate code if a will did not exist. If a will does not exist, all heirs under law must be notified as well as all creditors. There are specific forms and language for those notifications, and specific time limits during which they must be made.
Besides the notifications, the personal representative is also responsible for securing the assets of the estate. That responsibility might include seeing to it that insurance premiums are paid, managing the financial assets properly and any other actions required to keep the assets under probate safe until the estate is settled. It is the responsibility of the personal representative to ascertain whether claims against the estate are legitimate, and see to their payment if they are, file any forms that are required by the IRS and see to the payment of taxes.
In short, the personal representative appointed by the probate court is responsible for properly managing and distributing the estate that is being probated. Under Florida law, the personal representative may be sued if he or she makes a mistake and that mistake results in injury to any person concerned with the probate. If, for instance, notifications are not sent out properly and as a result, a creditor fails to make a claim against the estate before the assets are distributed, the personal representative could be held liable for paying the debt personally.
By requiring that the personal representative be represented by a probate lawyer, Florida law provides some protection for those who take on the difficult task of settling the estate of a friend or loved one. If you have taken on the role of personal representative, a probate lawyer can help guide you through the unfamiliar responsibilities and help ensure that the estate is settled properly. You do not need to hire a Cape Coral probate attorney, any Florida attorney will suffice. It is recommended that you hire a Cape Coral County probate lawyer if there is contested litigation that needs to be held in the Cape Coral County courthouse because you will have an attorney familiar with the local rules, judges, etc.
Florida Statutes Section 733.6171, states:
733.6171 Compensation of attorney for the personal representative -
(1) Attorneys for personal representatives shall be entitled to reasonable compensation payable from the estate assets without court order.
(2) The attorney, the personal representative, and persona bearing the impact of the compensation may agree to compensation determined in a different manner than provided in this section if the manner is disclosed to the parties bearing the impact of the compensation and if no objection is made as provided for in the Florida Probate Rules.
(3) Compensation for ordinary services of attorneys in formal estate administration is presumed to be reasonable if based on the compensable value of the estate, which is the inventory value of the probate estate assets and the income earned by the estate during the administration as provided in the following schedule:
(a) One thousand five hundred dollars for estates having a value of $40,000 or less
(b) An additional $750 for estates having a value of more than $40,000, but not exceeding $70,000.
(c) An additional $750 for estates having a value of more than $70,000 and not exceeding $100,000.
(d) For estates having a value in excess of $100,000, at the rate of 3 percent on the next $900,000.
(e) At the rate of 2.5 percent for all above $1 million and not exceeding $3 million.
(f) At the rate of 2 percent for all above $3 million and not exceeding $5 million.
(g) At the rate of 1.5 percent for all above $5 million and not exceeding $10 million
(h) At a rate of 1 percent for all above $10 million.
During this difficult time, speak to a Cape Coral Probate Lawyer so you can be educated on the Florida probate process.
