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When making sure your estate planning is in order and preparing your estate for the probate process, it is important to consider both summary administration and formal administration.
Probate proceedings are the way in which your estate is processed through the legal system after you have died. There are generally two parts of the probate process – one part is the paying off debts and the second part is the transferring of your assets to beneficiaries. Depending on these specifics of your estate, you will enter into either summary probate administration or formal probate administration.
Summary administration, in the probate process, refers to when the assets of a person’s estate are less than $75,000, excluding property, and all creditors have already been paid. A judge usually determines if the will left by the deceased is valid. If it is deemed valid, the estate is administered as to the deceased’s wishes. The summary administration probate proceedings generally take between four to six weeks.
Formal administration, in the probate process, refers to the process when you have creditors and they are given a period of time where they can file their claims, noting the debts you have left behind. During the formal administration, these debts will be paid and then the balance of the money will go to the beneficiaries of the estate. This formal probate administration process usually takes between four to six months.
Certain properties, such as cars and homesteaded residences are exempt from the probate process and may also require special proceedings to transfer them.
The attorneys at Reinfeld & Cabrera, P.A. will help you plan your estate and prepare for the probate process, whether your estate would enter into summary administration proceedings or formal administration proceedings. We will provide you with a personalized approach to the probate process, offering expert counseling and guidance along the way while preparing your estate, and to your family while going through the probate process.