NEW TAMPA PROBATE ATTORNEYS
Formal administration in Florida.
Formal administration is used for estates valued at more than $75,000 or estates for which summary administration is not appropriate.
In formal administration, a personal representative is appointed by the court to assist in the administration of the estate. The personal representative works with the probate attorney to determine the assets and liabilities of the estate, gather the assets of the estate, address any creditor claims against the estate and to make distributions according to either the will or the intestate laws of Florida. To learn more about the role of the personal representative, click here.
Due to the additional requirements and procedures, formal administration will take longer than summary administration to process through the court. However, there are benefits to formal administration.
A personal representative is appointed by court order and has authority granted by a judge. It is therefore much easier to ascertain, transfer and distribute estate assets. Additionally, as part of formal administration, creditors of the estate are given a 90 day period of time in which to make a claim against the estate. If a creditor does not make such a claim, their claim is forever barred. This means that a creditor cannot come back at a later time and attempt to collect against the estate.
Though formal administration takes longer to process, it fully administers the estate so that no issues remain regarding the estate.
At the Tampa Law Group, one of our New Tampa Probate Attorneys will work with you at every step to be sure that the estate is administered as smoothly and as quickly as possible.
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