15 Dec Formal Administration
Formal administration is the more involved variety of Florida probate. Formal administration is required for any estate with non-exempt assets valued at over $75,000 when a decedent died less than two years ago. Formal administration is also required any time that a personal representative is needed to settle the affairs of the decedent.
A personal representative (called an executor in other states) is a person appointed by the court to legally represent the estate. A personal representative can do anything the decedent could do when they were alive, and has a duty to ensure that the estate is distributed fairly to beneficiaries/heirs and creditors. Common scenarios when a personal representative is needed include when lawsuits must be filed on behalf of the estate, or when an investigation into the decedent’s assets must be completed. The specific duties and qualifications for personal representatives are detailed in the next section of this guide.
The first step in a formal probate administration is to seek the appointment of a personal representative. In order to have a personal representative appointed, interested parties must be noticed via certified mail. The rank of legal preference for personal representative will discussed in a future post.
After a personal representative is appointed, an additional notice called a “Notice of Administration” is sent to interested parties letting them know that the decedent’s probate case has been opened.
Unlike a summary estate administration, a formal estate administration remains open while the decedent’s property is being collected, used to pay eligible debts, and then distributed to beneficiaries of a will or intestate heirs. As discussed in section 7 of this guide, formal administration includes a 90 day “notice to creditors” period that takes place during the case. Non-exempt assets cannot be distributed until the notice to creditors period is over.
In a formal estate administration, the personal representative is responsible for ensuring the legal transfer of the decedent’s assets to those entitled to receive them. The next section of our guide details who can serve as personal representative and the different tasks that they are responsible for during the estate administration.
If you have lost a loved one who either was a resident of, or owned property in the the State of Florida, and need assistance with Florida Probate, CLICK HERE, to schedule a consultation with a Florida Probate Attorney.
We serve clients throughout Florida, including, but not limited to, those in the following localities: Alachua County including Alachua, Archer, Gainesville, Hawthorne, High Springs, and Newberry; Bay County including Panama City
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