Which Probate Process Is Faster? Summary Vs. Formal Administration
Individuals preparing their estate plans, as well as those preparing to probate their loved ones’ estates, often have questions about the probate timeline and how to achieve a fast probate process in Florida. Generally speaking, the options for probate comparison are between formal vs. summary administration, with summary administration available only to estates that meet certain criteria but generally allowing for a quicker resolution to the Florida probate process overall. Call 561-559-6214 today to set up a personalized consultation with Loughlin Law, P.A. to get help with your probate comparison.
What Is Formal Administration in Florida Probate?
Formal administration Florida probate is the legal process most Florida residents probably call to mind when they hear the word probate. Formal administration in Florida usually means presenting a deceased individual’s Last Will and Testament to the Probate Court in whose jurisdiction the decedent was a resident at the time of their death, and then – assuming the Court finds the individual’s Will to be valid and there are no challenges from parties who might have an interest in the estate –moving forward to pay the decedent’s outstanding debts and final expenses, file his or her final income tax return, and at last distribute the estate’s remaining assets to beneficiaries as directed in the decedent’s Will.
Initiating Probate
Technically speaking, any party with an “interest” – usually defined as an expectation of receiving some benefit, such as an inheritance or the payment of a debt – in the decedent’s estate can submit the individual’s Will for the Probate Court’s review and petition for administration. From that point forward, however, it will generally be the personal representative of the decedent’s estate who will be responsible for the duration of the probate timeline.
Understanding the Probate Timeline
The difficulty of the personal representative’s role can depend on a number of factors, such as the clarity of the decedent’s financial records, whether any family members contest the Will, and the presence and number of creditors to the estate whose claims must be satisfied before the probate can be concluded. A fast probate process may last only a couple of months, but it is not unusual for the probate timeline to take much longer, as many of the tasks associated with probate can be tedious and time-consuming, even when they are not in other respects especially difficult.
For all of these reasons, many individuals preparing their estate plans are eager to avoid probate via formal administration of their estates so as to spare the person they are nominating to handle their final affairs as much as possible – and personal representatives, by the same token, are equally eager to learn how they can discharge their responsibilities as efficiently as possible. Consequently people in both categories often have questions about alternatives to probate by formal administration in Florida.
What Is Summary Administration Florida Probate?
Summary administration may be an option for Florida probate when the decedent’s Will does not contain any clause requiring the estate to go through full probate administration and either of the following conditions also applies:
- Two or more years have elapsed since the individual passed away
- The total value of all non-exempt property in the estate comes to no more than $75,000
Obviously the calculation of the total value of all property in the probate estate is not likely to be undertaken until preparations for taking a loved one’s estate through probate are already under way, as in many instances even close friends and family members may not have a clear estimate of an individual’s assets vs. liabilities while they are living. However, § 735.2055, Florida Statutes, allows an option for a petition for summary administration to be filed if at any point along the way it appears that the qualifications for summary administration under the “small estates” provisions of Florida’s Probate Code may be met.
Is Summary Administration Always Faster Than Formal Probate?
Unexpected “stalls” can always arise, but summary administration is designed by Florida law to offer a fast probate process, and in a probate comparison with formal administration the probate timeline for summary administration will usually be shorter. Early distribution of assets in summary administration can come with some assumption of risk for beneficiaries, so you may wish to consider consulting with a probate attorney at Loughlin Law, P.A. before you determine how to proceed as you work to carry out your loved one’s wishes. Setting these concerns aside for the moment, however, there are two main reasons why summary administration is almost always faster than full probate.
Fewer Assets in Probate
The first reason is essentially circumstantial: Because summary administration overwhelmingly applies to situations in which the decedent either left very little property of any kind, or the property the individual left is largely exempt from probate, as a general rule there are simply fewer total assets to identify and dispose in summary administration than in its more elaborate counterpart. Assets exempt from probate typically pass directly to their designated beneficiaries without administration – often immediately upon the beneficiary’s presentation of required documentation (usually the decedent’s death certificate and proof of the beneficiary’s own identity), a feature which facilitates a fast probate process for a decedent’s intended beneficiaries as well as for the personal representative of the estate.
Expedited Disposition
The second reason is more procedural: While certain claims and objections may still be filed in summary administration, the structure of the formal administration process – which mandates, among other requirements, a full two weeks of notice publication to give any previously unknown creditors of the estate a chance to contact the personal representative and submit their claims. These formal probate requirements impose certain delays that are not necessarily a part of the requirements for summary administration.
Florida Probate Code § 735.206(2) requires personal representatives to “make a diligent search and reasonable inquiry” to identify and locate creditors of the estate and serve them with a copy of the petition for summary administration, as well as making provisions for satisfying creditors’ claims out of the value of the estate, before the order of summary administration is entered by the Probate Court – dispensing with the mandatory two-week publication and thereby giving summary administration an edge in a probate comparison based on the speed with which the process can be finalized.
Speak With a Florida Probate Lawyer
The probate timeline for estate administration can vary widely depending on the complex interplay of multiple factors. One of the most important of these factors is usually the size of the probate estate, defined in terms of the total assets that require administration. Small estates are often eligible for a fast probate process through summary administration, as opposed to the lengthier requirements of formal administration. To discuss your probate comparison and estate administration plans with a Florida attorney experienced in handling probate matters, reach out to Loughlin Law, P.A. Call 561-559-6214 today to schedule your personalized consultation.
