Florida Probate Court Info

Florida Probate Court Info
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<br />1. What is Probate?<br /><br />Probate is the technique by which the assets of a deceased particular person are gathered, creditors paid, and the remainder of the estate distributed to beneficiaries. We discovered [http://www.purevolume.com/planningattorneypaf/posts/8586251/Power+of+Attorney+Abuse+-+Buyer+Beware+ article] by browsing Bing. In most Florida counties, the probate method is conducted in a specialized probate division of the Circuit Court, under the oversight of one particular or more probate judges.<br /><br />2. How is Probate Initiated?<br /><br />Even though any beneficiary or creditor can initiate probate, usually the individual named in the will as Individual Representative, also identified as the executor in other states, begins the process by filing the original will with the court and filing a Petition for Administration with the probate court. If there is no will, typically a close relative of the decedent who expects to inherit from the estate will file the Petition for Administration.<br /><br />3. Browsing To [http://www.streetfire.net/profile/charlotteestaterea.htm charlotteestaterea - StreetFire Member in US] certainly provides warnings you should tell your dad. Who is Eligible to Serve as Individual Representative?<br /><br />A bank or trust firm operating in Florida, any person who is resident in Florida, and a spouse or close relative who is not necessarily resident in Florida are all eligible to serve as the Individual Representative. Nonrelatives who are not resident in Florida are not eligible to serve as Individual Representative.<br /><br />four. How is the Personal Representative Selected?<br /><br />If the decedent had a will, the particular person named in the will as the Personal Representative will serve, if eligible. [http://armorgames.com/user/estateplanningcornet Sponsors] contains additional resources about the inner workings of it. If that individual is unable or unwilling to serve as Individual Representative, the particular person selected by a majority of the beneficiaries in interest of the estate shall pick the Individual Representative. If there is no will, Florida law supplies that the surviving spouse may serve, or, if there is no spouse or the spouse is unable or unwilling to serve, the particular person chosen by a majority of the beneficiaries in interest shall serve.<br /><br />5. Is the Personal Representative Required to Retain an Attorney?<br /><br />In Florida, the Personal Representative is required in almost all probate estate to retain a Florida probate attorney.  Despite the fact that the Florida probate forms are accessible to the public, these are of no use to a non attorney.<br /><br />6. How is the Personal Representative Compensated?<br /><br />Florida law provides a compensation schedule for the Personal Representative, based on a percentage of the assets of the probate estate.<br /><br />7. Is the Family members of a Deceased Individual Entitled to a Portion of the Estate?<br /><br />Florida law gives for a household allowance for the surviving spouse and minor young children of the deceased, as properly as an elective share for a surviving spouse, thirty percent of the estate, if the surviving spouse would choose the elective share to that left under the terms of the will. A Florida resident is entitled to disinherit adult young children, for any or no reason. Of course, if it can be shown that the adult young children were disinherited as a outcome of the influence of another, they might have recourse through the probate court.<br /><br />eight. What Assets are Topic to Probate?<br /><br />Assets owned by the deceased individual are subject to probate. Assets that pass by indicates of title, such as true estate titled as Joint Tenants with Proper of Survivorship, or bank accounts titled as Transfer On Death are not subject to the probate approach. Assets that pass by implies of a beneficiary designation, such as life insurance coverage or some retirement accounts, are also not subject to probate.<br /><br />In some conditions, nonetheless, assets that would otherwise pass by title or beneficiary designation can be topic to the probate procedure, especially in the situation of a surviving spouse picking to take an elective share against the estate.<br /><br />9. How is Distribution of the Estate Handled if there is no Will?<br /><br />Florida law sets forth guidelines for the distribution of an estate if there is no will.<br /><br />If these is a surviving spouse and no lineal descendants, the surviving spouse is entitled to the complete estate.<br /><br />If there is a surviving spouse with lineal descendants, and all lineal descendants are also descendants of the surviving spouse, the surviving spouse is entitled to the initial $20,000 of the probate estate, plus one particular-half of the remainder of the probate estate. The descendants share in equal portions the remainder of the estate.<br /><br />If there is a surviving spouse with lineal descendants, and not all lineal desdendants are also descendants of the surviving spouse, the surviving spouse is entitled to one-half of the probate estate, and the descendants of the deceased share the other half of the estate in equal shares.<br /><br />If there is no surviving spouse and there are descendants, each child is entitled to an equal share, with the young children of a deceased child sharing the share of their deceased parent.<br /><br />If there is no surviving spouse and no children or other descendants, Florida law provides extra guidelines for distributing an estate in such circumstances.<br /><br />ten. Who is accountable for paying estate taxes?<br /><br />Below the Internal Revenue Code, the estate tax is collected from the estate of the deceased. Depending on the terms of the will, the estate tax could be paid from the probate estate only, or also from a living trust, life insurance coverage proceeds, and other assets passing straight to beneficiaries outdoors the probate estate. The estate tax return, Type 706, is filed by the Individual Representative. The Form 706 is due to be filed 9 months following the date of death..