What is Probate in Florida

If one of your relatives has passed away, you will need probate to be able to sell any assets that were solely owned by the deceased, such as: vehicles, bank accounts, and real estate property. This is a very tense and demanding process that requires care so everything goes smoothly and abides by the laws and regulations in your state.

In Florida, a formal Probate Administration is done when the deceased’s assets exceed $75,000, which is almost always the case if the deceased owned a home.

Sell probate home

Most likely the person left a will where they named an administrator or personal representative for their estate. This will must be authenticated during probate. When there is no will, the court will identify the heirs and begin the lengthy process of appointing an executor – now known as a personal representative – issuing letters of administration, taking possession of the assets and appraising them, paying taxes, and distributing the assets to the intended recipients.

Florida law allows heirs to sell a house before the probate process is completed. The heirs list the home, eventually reach an agreement with a buyer, and finish the sale once the probate concludes.

Is an attorney required for probate in Florida?

According to the Florida Courts help page(flcourts.org), probate is:

“A court-supervised process for identifying and gathering the assets of a deceased person (decedent), paying the decedent’s debts, publishing a notice to creditors, and distributing the decedent’s assets to his or her beneficiaries”.

Florida law requires the assistance of a licensed attorney. You will not be able to represent yourself if you’ve been appointed as a personal representative of the estate since, in almost every case, you will find creditors or an interested person that will be affected by the outcome of this process.

The probate process typically takes six months to a year, but it can take longer if there are procedural legal issues or difficulties reaching an agreement among the heirs. You want to avoid problems that arise from not going through probate and not transferring the asset’s title.  Prevent conflicts and hire an experienced probate lawyer and complete the probate court process promptly.

What is the cost of probate in Florida?

Before beginning the probate process, it is critical to be aware of the costs. Reasonable fees in Florida for probate attorney’s fees are:

For estates of $40,000 or less: $1,500

For estates between $40,000 and $70,000: $2,250

For estates between $70,000 and $100,000: $3,000

For estates between $100,000 and $900,000: 3% of the estate’s value

For estates between $1 million and $3 million: 2.5% of the estate’s value

For estates between $3 million and $5 million: 2% of the estate’s value

For estates between $5 million and $10 million: 1.5% of the estate’s value

For estates of $10 million and above: 1% of the estate’s value

You should know these are guidelines and not obligations. You can also establish a fee according to the work required to fulfill the job. Keep in mind you’ll have additional costs associated with the probate such as paying court filing fees, accountant fees, executor bond fees, and publication of notice fees.

Sell a House While in Probate in Florida

Are you looking to sell a house while in probate in Lakeland, Florida? We’ll buy it. Here at Lincoln Madison Investments, we have more than 15 years of experience. We are a local company, who wants to offer you a fair solution. We are happy to help make an easy, quick sale. Contact us now for a free, no-commitment offer. Get a cash offer on your home today.

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