Naples Probate - Probate in Florida
The term probate refers to the process of validating a will and seeing to it that all obligations are met and the assets of the estate are distributed properly. Estate administration often goes beyond probate, and includes the administration of all assets owned by the decedent at the time of his or her death. If you haven't made plans for dealing with the distribution of your assets and belongings, or if you think that your will is enough, you should contact a local Naples probate lawyer to discuss how estate planning can preserve your assets and ensure that your wishes regarding your belongings are carried out.
Your probate estate and your estate are not necessarily the same thing. Your probate estate consists of assets of which you are the sole owner in your own name. It does not include assets held in a trust or in joint name. It may or may not include your "homestead", and under certain circumstances, may be far smaller than your actual holdings. The disposition of your probate estate is governed by your Last Will and Testament.
Probate
If you leave either a will or a living trust, the person that you chose to administer your final wishes - that is, your personal representative under a Will and your successor trustee under a living trust - will have the responsibility of seeing to it that your wishes are carried out. Under the Florida Probate Code, your personal representative, unless he is also the sole beneficiary of your will, must be represented and assisted by a lawyer who is licensed to practice law in Florida.
Your estate will have to go through probate if you die with any assets that are owned only by you, and which must be transferred to the ownership of another person upon your death. If you want a say in how those assets are distributed, you must leave a Last Will and Testament. If you die without a valid will, the Probate court will decide on the distribution of your assets through the laws of intestate succession.
There are three phases to estate administration and probate, and each of them can take several months. The main responsible party in probate and estate administration is the personal representative appointed by the court in accordance with your expressed wishes. Your personal representative will - with the assistance of a probate lawyer:
- Review estate planning documents (i.e. your Will, living trusts, deeds, and other financial documents) with the intent of
o Determining the extent of the estate
o Establishing who are the beneficiaries and interested parties
o Providing proper notification to interested parties
o Determining if the estate is subject to probate and initiating probate if so
o Determining if the estate will be subject to federal or state estate taxes
o Distribution to the beneficiaries after payment of all lawful creditors, and governmental agencies
- Settle any outstanding debts and taxes
o Notify creditors
o Determine the value of assets and file an inventory of the estate
o Determine valid claims against the estate and pay them from estate holdings
o If the estate is taxable, file the appropriate federal and state tax returns, and arrange payment of necessary taxes
- Distribute the estate
o Once the distribution is determined, the personal representative is responsible for arranging transfer of titles, deeds and certificates of ownership
o Set up trusts and financial management if dictated by the will or otherwise advised
o Obtain all necessary receipts from heirs
o Close the estate formally and discharge the personal executor
Careful advance planning can make the wheels of probate run far more smoothly. Contact a local Naples probate lawyer for assistance with estate and probate planning and make it easy for your family and loved ones in the future. Speak to a Naples Probate Lawyer today!
