A testamentary pamphlet

One of the most misunderstood concepts in Florida's law for the lay person is the process of legalization. Many people are appointed personal representatives at the will of their parents, other family members or friends without knowing what the job entails. As a result, the succession process is often feared and some will do everything to avoid it. This article will try to explain what succession is and why it is necessary for so many people.

Simply defined, order is the necessary steps to determine the validity of a will. The process of collecting a deceased's assets, paying their bills and taxes, and distributing what is left to their heirs or beneficiaries, is actually called "administering" the estate, though it has become commonplace to call this whole process legalization. There are two types of inheritance administration under Florida law: formal administration and succinct administration. Summary management is a shortened procedure for small businesses. Executive summary is available if the estate's gross value is not more than $ 75,000 or if the deceased has been dead for at least two years

The states can be tested where the deceased has left a valid will or subdued where there are no wills. In a state property administration, the Estate Probate of the state of Florida will determine how assets are distributed. In a testamentary state, the will acts as a set of instructions for the court, the appointment of a personal representative and the management of the disposition of the assets.

Properties subject to inheritance management consist of assets owned exclusively by the deceased without any provision for automatic inheritance of the property upon death. Examples of automatic succession include beneficiary designations in life insurance policies and annuity contracts, bank accounts that are "in the trust of" a beneficiary, and property owned by joint tenants with the right to survive. These assets will not be included in a residence and will generally generally go to the designated beneficiary or surviving co-owner.

The formal administration begins by filing a request for administration identifying the deceased, determining the approximate nature and value of the estate's assets, appointing the beneficiaries, requesting the appointment of a personal representative and in a testamentary state, identifying the will and requesting that the estate gets busy. All interested persons (as defined by Florida law) must be formally notified of the petition. If the court finds that the petition is in order and there is no objection to the petition, the will is admitted to legalization, the personal representative is appointed and letters of administration are issued. Letters of administration assign to the personal representative authority assigned by the right to act on behalf of the estate.

The personal representative then publishes a notice of administration once a week for 2 consecutive weeks in a general circulation newspaper in the county where the estate is administered. The administration notice is intended to notify the deceased's creditors of the administration of the estate so that they can file claims so that the deceased who is waiting for the tax is paid. The personal representative must also provide a copy of the notification to the creditors he is aware of. As a general rule, creditors must file a claim with the court within 3 months of the date of initial publication, otherwise they will lose all rights to collect their debt.

The personal representative then goes through the process of identifying and collecting the assets of the estate, objecting or paying claims, filing tax returns, distributing assets to the relevant beneficiaries, paying administrative costs, reporting all of these activities to court and closing the Succession management. Depending on the complexity of the inheritance, it may take a few months to a few years to complete this process.

The personal representative, the real estate attorney and other professionals involved in the administration are allowed the right to compensation. Florida law states that the personal representative may receive a commission payable from the estate's assets, based on the value of the estate. For properties under one million dollars, the commission represents three percent of the value of the property.