NEW TAMPA PROBATE ATTORNEYS
Summary administration in Florida.
Under the Florida Probate Code, certain estates are eligible to be administered through what is called summary administration. In order to be eligible for summary administration, the non-exempt value of the estate must be valued at less than $75,000 OR it must have been at least two years since the person passed away.
There are benefits to summary administration. Summary administration does not involve the appointment of a personal representative and does not require the publication of a notice to creditors. It is a more streamlined process thereby allowing the estate to be administered in a shorter period of time.
However, please keep in mind that summary administration is not always the best option. Summary administration is best suited for estates involving only a homestead or smaller assets such as low value bank accounts or a vehicle.
There are several drawbacks to summary administration. Unlike formal administration, a personal representative is not appointed in summary administration which can lead to difficulty in determining and distributing assets. In some cases, complications in summary administration make it necessary to convert the case to formal administration. This leads to increased costs as well as delay in distribution.
Our New Tampa Probate attorneys can help you in determining if summary administration is appropriate and assist you in the administration of the estate.
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