1. What is Probate?

Probate is the technique by which the properties of a departed individual are collected, lenders paid, and the rest of the estate dispersed to recipients. In most Florida counties, the probate system is conducted in a specialized probate department of the Circuit Court, under the oversight of several probate judges.

2. http://www.naturecoaster.com/business-directory/type/services/page/114 How is Probate Initiated?

Although any beneficiary or lender can start probate, usually the individual called in the will as Personal Agent, likewise known as the administrator in other states, begins the procedure by filing the original will with the court and submitting a Petition for Administration with the court of probate. Generally a close relative of the decedent who anticipates to acquire from the estate will file the Petition for Administration if there is no will.

3. Who is Qualified to Act As Individual Agent?

A bank or trust company operating in Florida, any person who is resident in Florida, and a spouse or close http://a-better-place.com/wesley-chapel-lawyer relative who is not necessarily resident in Florida are all eligible to serve as the Personal Agent. Nonrelatives who are not resident in Florida are not qualified to work as Individual Representative.

4. How is the Individual Representative Chosen?

If the decedent had a will, the individual called in the will as the Personal Representative will serve, if eligible. The person selected by a bulk of the beneficiaries in interest of the estate will select the Personal Agent if that person is reluctant or unable to serve as Personal Representative. If there is no will, Florida law supplies that the surviving spouse might serve, or, if there is no spouse or the spouse is not able or unwilling to serve, the person chosen by a majority of the beneficiaries in interest shall serve.

5. Is the Individual Agent Required to Maintain a Lawyer?

In Florida, the Personal Representative is required in almost all probate estate to retain a Florida probate lawyer. Although the Florida probate kinds are available to the public, these are of no use to a non attorney.

6. How is the Personal Representative Compensated?

Florida law supplies a settlement http://www.abogado.com/actos/florida/tampa schedule for the Personal Agent, based upon a percentage of the assets of the probate estate.

7. Is the Family of a Departed Person Entitled to a Portion of the Estate?

Florida law provides for a household allowance for the enduring partner and small kids of the departed, as well as an optional share for a making it through spouse, thirty percent of the estate, if the surviving partner would prefer the optional share to that left under the regards to the will. A Florida local is entitled to disinherit adult kids, for any or no factor. Obviously, if it can be shown that the adult kids were disinherited as a result of the impact of another, they may have recourse through the probate court.

8. What Properties are Subject to Probate?

Properties owned by the departed person are subject to probate. Possessions that pass by ways of title, such as property entitled as "Joint Tenants with Right of Survivorship," or checking account entitled as "Transfer On Death" are exempt to the probate process. Properties that go by methods of a recipient classification, such as life insurance or some pension, are likewise not subject to probate.

In some situations, nevertheless, properties that would otherwise go by title or recipient designation can be subject to the probate process, especially when it comes to a surviving partner deciding to take an elective share versus the estate.

9. How is Distribution of the Estate Handled if there is no Will?

Florida law sets forth guidelines for the distribution of an estate if there is no will.

The making it through partner is entitled to http://www.cylex.us.com/wesley-chapel/lawyer.html the entire estate if these is a surviving partner and no lineal descendants.

If there is a making it through partner with lineal descendants, and all lineal descendants are also descendants of the making it through partner, the enduring partner is entitled to the first $20,000 of the probate estate, plus one-half of the rest of the probate estate. The descendants share in equivalent portions the rest of the estate.

If there is an enduring partner with lineal descendants, and not all lineal desdendants are also descendants of the enduring spouse, the making it through spouse is entitled to half of the probate estate, and the descendants of the deceased share the other half of the estate in equal shares.

If there is no making it http://720p.9ads.mobi/video/watch-new-port-richey-injury-attorney-video through partner and there are descendants, each kid is entitled to an equal share, with the children of a departed child sharing the share of their deceased parent.

If there is no surviving spouse and no kids or other descendants, Florida law offers additional guidelines for dispersing an estate in such scenarios.

10. Who is responsible for paying estate taxes?

Under the Internal Revenue Code, the estate tax is gathered from the estate of the deceased. Depending upon the regards to the will, the estate tax may be paid from the probate estate just, or also from a living trust, life insurance earnings, and other properties passing straight to recipients outside the probate estate. The estate tax return, Form 706, is submitted by the Personal Representative. The Type 706 is because of be filed 9 months after the date of death.