Gainesville Probate - Probate in Florida
Probate can be a confusing process for everyone involved. The process of validating a will, ascertaining assets, paying debts and distributing property according to a will can be intimidating to any layman, and more often than not, that layman is attempting to approach it through his or her own loss and grief. That's part of the reason that Florida Probate Code requires that the personal representative appointed to carry out probate be represented by a licensed Florida lawyer. If you're in the position of probating or administering an estate in Alachua County or other nearby cities, a probate lawyer can guide you through the complexities of probate. A probate lawyer can answer the specific questions you might have regarding your own situation, but here are some answers to the most frequently asked questions about probate.
What is probate?
Probate is the legal process of validating a will and overseeing the distribution of assets left behind by the deceased. If a person leaves a Will, the will is admitted into probate upon being validated. If there is no Will or estate plan, probate will establish the disposition of the estate according to the Florida rules of Intestate Succession.
How long does probate take?
The length of time that it takes to probate an estate is dependent on the estate itself. The more simple the estate and the more clear the instructions left behind by the decedent, the simpler the process will be. Regardless, probate often is a lengthy and costly process. It may take several months, even years in some cases, before the entire estate is distributed.
What should I do if I'm named as the personal representative in a will?
Your first step should be to consult a probate lawyer who can guide you through the process. If there contested issues, it is best to hire a local Gainesville probate attorney; but otherwise, any attorney in Florida who is familiar with probate can help you with the many questions you will have. You will have to file a petition for probate, and follow specific procedures to notify "parties of interest, identify those who are owed money by the estate, file tax returns on behalf of the estate and see to it that all financial matters are settled legally and properly.
What does the typical probate entail?
There are six parts to the typical probate. Each takes time and must be done according to law with all forms and notifications filed properly.
1. Validation of the will if there is one
2. Appointment of the executor/personal representative
3. Complete an inventory of the estate
4. Pay claims against the estate
5. Pay estate taxes
6. Distribute remaining assets
If you have questions about arranging for probate or need representation in a probate matter, contact a Gainesville probate lawyer for advice and information.
How much does a lawyer charge for probate?
The fees for a Gainesville Probate Lawyer are usually based on Florida Statutes Section 733.6171, which 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.
