Probate & Trust Administration

Probate Administration in Florida:

Probate is the legal process in Florida used to settle a deceased person’s estate, ensuring debts are paid and assets are distributed according to the will or state law if no will exists. The process is supervised by the court and involves several important steps:

1. Filing the Will and Opening the Estate: The executor or personal representative files the will (if one exists) and a petition to open the probate estate with the appropriate Florida court.
2. Appointment of a Personal Representative: The court appoints a personal representative to manage the estate's administration.
3. Identifying and Valuing Assets: The personal representative locates and inventories all assets belonging to the estate.
4. Notifying Creditors: Creditors are notified and given a specific period to file claims against the estate.
5. Paying Debts and Taxes: Valid debts, taxes, and administrative costs are paid from estate assets.
6. Distributing Assets: Once debts and obligations are resolved, the remaining assets are distributed to beneficiaries as outlined in the will or under Florida intestacy laws.

Trust Administration in Florida:

Trust administration is the legal process of managing and distributing assets held in a trust after the grantor's death or incapacity. In Florida, this process involves specific steps to ensure compliance with state laws and the trust's terms:

1. Notification to Beneficiaries: The trustee must formally notify all beneficiaries and interested parties of the trust's existence.
2. Inventory and Valuation of Assets: The trustee identifies and appraises trust assets, including real estate, financial accounts, and personal property.
3. Debt and Tax Obligations: Trustees are responsible for paying valid debts, expenses, and any taxes owed by the trust or the deceased.
4. Distribution of Assets: After debts and taxes are resolved, the trustee distributes the remaining assets according to the trust terms.
5. Ongoing Management: If the trust includes long-term provisions, the trustee continues to manage the assets as directed.

A good deal of the probate code in Florida deals with the responsibilities of the Personal Representative, and the same can apply to a Trustee. The Personal Representative and/or a Trustee is the person(s) that you designate to handle your estate after you die. Many times, this person is a spouse, child, or sibling, but at times it may also be a close friend or other relative such as a cousin, aunt, or uncle. Being a Personal Representative and/or a Trustee is a huge responsibility. A Personal Representative and/or Trustee is usually named in a will or a trust agreement, but that is not always the case. If a person dies without a will or estate plan, the person is said to have died “intestate.” In these cases, the Personal Representative may be appointed by the Court. Florida law provides a methodical way these estates must be handled. This can include looking for lost relatives and hunting for lost property. 

At a minimum, a Personal Representative and/or a Trustee’s duties include:

• Ensuring the proper notices are filed in the public record
• Paying the debts of the estate
• Taking an inventory of property and assets
• Keeping property safe until it is time for distribution
• Filing the taxes of the deceased person
• Making sure all paperwork is properly and timely filed with the court.
• Keeping heirs informed of the progress of estate matters and 
• Distributing property to the proper beneficiary or beneficiaries