Probate Law FAQs
People may not know anything about probate until they have lost a loved one. Depending on the decedent and their estate, the process can be fairly simple, or extremely complicated. Below are a few of the questions that clients frequently ask Stephanie in regards to probate. If you have any other questions, please do not hesitate to contact our office at (352) 515-9464 or email at info@ChambersLaw.com .
WHAT IS PROBATE?
Probate is a court-supervised process for identifying and gathering the assets of a deceased person (decedent), paying the decedent’s debts, and distributing the decedent’s assets to his or her beneficiaries. The Florida Probate Code is found in Chapters 731 through 735 of the Florida Statutes, and the rules governing Florida probate proceedings are found in the Florida Probate Rules, Part I and Part II (Rules 5.010-5.530). There are two types of probate administration under Florida law: formal administration and summary administration.
WHAT IS A PERSONAL REPRESENTATIVE?
There are three ways to file a claim and Chambers Law Firm can help you with each one:
- If the claim is a new one, you may file an initial application with the VA Regional Office nearest you.
- If the claim has been filed previously, but denied, you may file a request to reopen the claim. You will need “new and material” evidence to request reopening.
- If you are already receiving VA benefits, you can request an increased rating.
ARE ALL ASSETS SUBJECT TO PROBATE?
No, not all assets are subject to probate. Assets which are owned jointly in which the right of survivorship passes to someone else are not subject to probate. Payable-on-death bank accounts, life insurance with named beneficiaries, IRAs, Keoghs, trusts, and other assets which allow you to name a beneficiary are considered "non-probate" assets and avoid the probate process.
DO WILLS HAVE LIMITATIONS?
Yes, wills do have limitations. This is why it is important to create an entire estate plan, and keep every document up-to-date. Things such as financial accounts and insurance policies have more power than a will. If your ex-spouse is named to receive your assets in a financial account or insurance policy after you die, they will receive said money, despite what your will states
DOES EVERYONE HAVE TO GO THROUGH PROBATE
Unless an estate is worth less than $75,000, formal administration, or regular probate, is necessary. There are ways to avoid the probate process, such as setting up revocable trusts or gifting a certain amount of money or assets to beneficiaries while you are still alive