Losing a loved one can be a traumatic experience, but there’s a lot to do right after. The deceased’s assets will be identified and distributed through probate as per their will. The probate process in Florida involves establishing the validity of the deceased’s will and distributing the assets. Before the latter can happen, all the debts are paid. The beneficiaries get their share as per the Florida Probate Code. If you don’t understand estate planning or need legal help, consider talking to a Boca Raton Probate Attorney. Below are some critical aspects of probate at a glance.
What happens during probate?
Before anything else, the assets of the deceased will be identified, which will be used to pay for probate costs. If essential, the investments will also pay for the funeral costs. The debts that the deceased left behind will be paid. If the person had a will that mentioned how the assets would be distributed between the beneficiaries, it would be used as a guide. The will must be checked for all aspects and whether it is valid. If the deceased didn’t have a will, the intestacy laws would decide who gets the estate.
Types of probate in Florida
There are two types of probate in Florida. The first one is called a simplified process, which is rare, while the second one is called formal probate administration. If the deceased left assets that must go through probate, formal probate administration is mandatory. The eventual goal is to close the estate and repay debts, if any, besides distributing assets to the eligible beneficiaries. Assets that typically go through probate are the ones solely owned by them. Examples include bank accounts, tangible assets, insurance payable to the estate, real estate titles, and IRAs.
If certain assets have a co-owner, those are not included as a part of probate, including tangible assets and bank accounts. Also, if the deceased had created a trust, the assets placed are distributed without probate.
Call a lawyer
There is no denying that the probate process can be overwhelming for the family members, especially at a time when they are grieving. Don’t let the legal process hamper your situation. Get a law firm that specializes in probate matters, and the experts can help you get what you rightfully deserve. Also, working with an attorney makes sense, so you are not misguided about your rights. You can check online to find legal services in Boca Raton.