When a loved one passes away, his or her estate often goes through a court-managed process called probate or estate administration where the assets of the deceased are managed and distributed. If your loved-one owned his or her assets through a well drafted and properly funded living trust, it is likely that no court-managed administration is necessary, though the successor trustee needs to administer the distribution of the deceased’s assets. The length of time needed to complete the probate of an estate depends on the size and complexity of the estate and the local rules and schedule of the probate court.
Every probate estate is unique, but most involve the following steps:
- Filing of a petition with the proper probate court.
- Notice to heirs under the Will or to statutory heirs (if no Will exists).
- Petition to Appoint Personal Representative.
- Inventory and appraisal of estate assets by Personal Representative.
- Payment of estate debt to rightful creditors.
- Sale of estate assets.
- Payment of estate taxes, if applicable.
- Final distribution of assets to heirs.
Steven Silverman, P.A., serves clients in Florida cities such as Miami, Kendall, Doral, Miami Beach, Aventura, Homestead, Key Biscayne, Coral Gables, Miami Gardens, North Miami, Miami Springs, Hialeah, Miami Gardens, Pinecrest, Palmetto Bay, Cutler Bay and others throughout Miami Dade County, Broward County and Palm Beach County and South Miami.