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Closing an estate according to a deceased loved one’s wishes is a high honor. However, it involves extensive paperwork and careful compliance with the law. Survivors who are mourning a loss often find themselves overwhelmed, but plenty of help is available.

Understanding the Florida Probate and Trust Administration

 

Probate is a legal process that wraps up the financial affairs of deceased people. In most wills, a trusted relative or friend is appointed as personal representative of the decedent’s estate.

If you are such a representative, your job is to identify the decedent’s assets and distribute them to heirs or beneficiaries named in the will. Probate court supervises this process. It is necessary because a will itself isn’t enough to pass ownership to the beneficiaries.

If the decedent left a trust, you may have been named successor trustee. That means you’re responsible for filing a notice of trust with the court, taking an inventory of the assets, liquidating assets if necessary, paying final bills, and transferring the remaining assets to the beneficiaries named in the trust.

Common Delays and Legal Hurdles

 

Probate and trust administration take time.

Probates must remain open for three months to allow creditors to present claims against the estate. Probates lasting five to six months are not uncommon. The probate process may last anywhere from 6 months to up to a year.

In addition, there may be delays in gathering the paperwork, inventorying the assets and tracking down the beneficiaries. Personal representatives often have to sell off real estate, resolve disputes with creditors or file federal estate tax returns. They must sometimes contend with legal challenges to a will.

An experienced Florida probate attorney can help you navigate the hurdles and expedite the process.

Successor trustees may find that it’s tough to please everyone.

The owner of a trust is known as the settlor. If a settlor becomes unable to manage the trust, Florida law typically gives the successor trustee absolute discretion to use the assets in the best interest of the settlor.

For instance, the trustee may transfer assets out of the trust in order to protect them. Beneficiaries might question such a decision later on when the settlor dies.

Trustees must also identify and pay estate expenses. If an expense is not trust-related, paying it from the trust may raise questions.

For sensitive issues like those, documentation is critical. Trust mismanagement, even if it’s unintentional, could result in legal liability.

Successor trustees are strongly advised to hire qualified legal and financial counsel.

Florida Probate Checklist

 

There’s a lengthy to-do list for personal representatives. Here’s a step-by-step guide on how to proceed before, during and after probate:

Summary administration is initiated by filing a petition in court. The petition includes a list of assets and their value as well as a plan for distributing them. Petitioners must practice due diligence to find and notify potential creditors.

Any beneficiary or the personal representative named in the will may file the petition. If there’s a surviving spouse, the spouse must verify and sign it.

If the estate doesn’t meet the conditions for summary administration, continue with the probate checklist:

 

Trust Administration Checklist

 

Successor trustees are equally busy. Here’s a guide to help you stay organized:

 

Participating in probate or trust management is a big responsibility. Educating yourself and getting organized in advance will pay off.

No one savors the idea of a lengthy legal process, but you don’t have to shoulder the burden on your own. The Florida Probate and Trust Administration exists to help personal representatives and trustees carry out their loved ones’ wishes.

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