Probate- It's As Inevitable As Death And Taxes

Not many people are truly familiar with the legal process called Probate. For those that are, they recognize it is an unavoidable path everyone will eventually have to take. Probate is the legal process by which property in an estate is transferred to the heirs or intended beneficiaries of a deceased person. After a person dies, a petition is presented to the judge that lists the property of the decedent along with the intended recipients of the property. A certified copy of the decedent’s death certificate and original Will accompanies the petition. After all the necessary persons are notified and all taxes and existing debts paid off, the judge will sign an order distributing the property according to the decedent’s wishes.

Michael Wild, the managing partner of Wild, Felice, and Partners, PA., a firm specializing in Estate Planning, Asset Protection, and Probate states, “Probate is always necessary in Florida. Whether or not the decedent has a Will, the estate will still need to go through the probate court in order to be distributed. The difference just lies in the formalities later involved.” A Will triggers formal probate proceedings, which can minimize the adverse effects of creditor claims on estate beneficiaries.

Florida Law requires legal representation during probate proceedings when the estate is over $75,000.

Michael explains, “The probate process becomes even more complicated with a larger and more complex estate.” Michael adds, “One can generally expect the probate process to last at least 6 months. However, with these more complicated estates; it can take many years before probate is resolved.” This inevitable task can become less daunting by the assistance of a qualified and well-seasoned attorney.

By planning early and having a Will and Trust drafted, substantial time and money can be saved. Hiring an attorney as soon after the decedent’s death as possible also has its advantages. Michael illustrates, “Formal probate decreases the time frame in which creditors can come forward with claims against the decedent’s estate. They only have 90 days thus reducing the possibility of creditor collection. Otherwise, creditors may place claims against the estate for 2 years.” In addition, working with an estate-planning attorney will save considerable legal costs in the long run. A client can be sure the plan is properly written and executed and that their wishes will be completely fulfilled. Creating a Will, Trust or other documents without legal counsel can result in costly mistakes ranging from improper signatures and witnesses to the invalid structure of the Will, not to mention, bitter contention by claimants later.

It is best to consult with an attorney as soon as a loved one dies, if not much earlier than that when establishing an estate plan during life. Michael Wild and the lawyers at Wild Felice & Partners, PA offer free consultations for both estate planning and probate administration.

To find out more about Michael Wild and the law firm of Wild Felice & Partners PA, please visit: http://wfplaw.com, or call Michael Wild directly at: 954-944-2855.

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