Probate is a very complicated process when a family member or loved one passes away figuring out how to handle their assets can be tricky to navigate. Below are the most frequently asked probate questions asked by Florida residence.
How long does probate take in Florida?
Probate in Florida usually takes 3 months or less when it comes to simple estates but upwards of 1 year for standard formal administrations. For complex and litigated estates the probate process can take 2 or more years.
Is a Homestead property a Probate Asset?
The answer is “yes” and “no”
If a homestead property is established and meets Florida eligibility requirements, the property can be distributed to the beneficiaries of the decedent free of creditor’s claims.
If the property still has a mortgage, owes money for repairs or homeowners association liens, the homestead protection does not apply in full and those creditors can seek to reclaim that debt.
What assets are exempt from probate in Florida?
There are several exempt assets of a deceased person that may go straight to their new owner skipping probate court. There are 3 main categories of assets that are exempt.
1.Assets held in a living trust
2.Property held in a joint tenancy by more than one person
3.Assets for which the person designated a beneficiary
In Florida How much does an estate have to be worth to go to probate?
In order for the estate to skip the probate process, it will have to qualify for summary administration. This can happen in 2 different way highlighted below.
The Florida decedent’s property does not exceed $75,000.
The Florida estates deceased has been dead for more than 2 years.
In Florida can you sell a house in probate?
If you are the representative of an estate in Florida you can sell the property during probate. There are a few instances where you may be required to get the court’s approval before the property can be sold. This is why selling your home for cash to a company like Gold Leaf Home Buyers is a great option.
In Florida what assets are included in probate?
Probate assets are typically assets owned by the deceased party that does not transfer automatically to someone else upon death.
Joint Title With Right of Survivorship: Think of this as a dual ownership document. When one owner dies the asset automatically given to the remaining owner.
Revocable Trusts: A revocable trust name a beneficiary, upon the death of the owner the named beneficiary will get the distributed property regardless of probate.
Pay on Death / Transfer on Death: It is common for banks to offer a “Pay on death” designation. Upon the death of the original owner, the bank will simply give the account to the listed pay on death owner.
Beneficiary Designation: Life insurance, annuities, IRA’s and retirement accounts will typically give the owner of the asset the ability to name a beneficiary upon the death of the owner, this skips probate in most cases.
Tenancy By the Entireties: In most cases, any asset owned by a married couple is treated as a tenancy by the entireties asset. The surviving spouse becomes the owner of the asset upon the death of the other spouse.
Florida Homestead: The primary residence of a Florida resident will be treated as Florida homestead property. Homestead property has its own set of of complex rules that will apply if the deceased had a surviving spouse or minor child at the time of death.
Who is exempt from probate in Florida?
If you own any assets jointly with your spouse or family members such as children or sibling those assets will be passed to them and avoid the probate process after you pass.