Formal Administration Lawyer in Orlando, Florida

Assisting You and Your Family Members

What is a Formal Administration in probate? Formal Administration is the traditional form of probate, which begins with a petition to open the estate and when a personal representative is appointed. It’s the most common manner in which a decedent’s estate is administered to beneficiaries.

Attorney L. Reed Bloodworth is Founder and CEO of Bloodworth Law in Orlando, Florida, with offices in Winter Haven. The Bloodworth Law Estate Planning team handles probate and probate litigation for Florida residents.

What is Probate?

The reason for probate is to pass ownership from a decedent to beneficiaries. A formal administration is typically used when the estate is valued at more than $75,000.

The Probate Estate

The value of the estate is the probate estate — what is passing through probate, not the entire estate — and not the assets that have a Payable On Death.

In regard to the homestead, the house where the decedent resided as his or her main residence, the value of the homestead is exempt up to a certain limit.

Formal Administration Requirements

Formal administration requires the appointment of a personal representative, and it is required that the personal representative have an attorney.

Interested parties and beneficiaries must be noticed, including any children left out of the will. Even if left out, they must be noticed because they are an interested party.

In formal administration, known creditors must be noticed (30 days). Publication is required for unknown creditors (3-month creditor period). And, creditors MUST be dealt with, whether by you or by an attorney.

Assets

Personal representatives must gather all the assets and put any cash into an account for the estate. What is an asset in this instance?

• A bank account without a Payable On Death
• An investment account without a Payable On Death
• Any real estate titled in the sole name of the decedent unless it is a homestead.

Common Estate Planning Questions

Common questions you should answer about your own estate planning include:

• Have you put off handling your estate planning?
• Do you have a legal Florida will, or does it need to be updated to reflect your current marital status or assets that you have acquired?
• Have you named a guardian for your children?

It’s never been more important that your estate planning documents comply with Florida law. Talk with an experienced attorney to protect you, your family, your business, and your loved ones.

The Bloodworth Law Estate Planning Team handles probate for people across Florida. The team can work with you remotely over the phone, on Zoom, or in the office with safety measures to protect you while helping you with your legal issues.

What is a Personal Representative?

The personal representative is the person named to be in charge of the administration of the decedent’s probate estate. The term personal representative is the same as executor, executrix, administrator, and administratrix.

Personal Representative’s Role

The personal representative has a legal duty to administer the probate estate according to Florida law. Accordingly, a personal representative must provide the following services:

• Identify, gather, value, and safeguard the decedent’s probate assets.
• Publish a “Notice to Creditors” in a local newspaper to notify potential claimants to file claims in the manner required by law.
• Serve a “Notice of Administration” to provide information about the probate estate administration and procedures required to be followed by those having any objection to the administration of the decedent’s probate estate, unless a waiver is signed.
• Conduct a diligent search to locate known or reasonably ascertainable creditors and notify these creditors of the time by which their claims must be filed.
• Object to improper claims, and defend suits brought on such claims.
• Pay valid claims.
• File tax returns and pay any taxes properly due.
• Employ professionals to assist in administering the probate estate. For example, attorneys, certified public accountants, appraisers, and investment advisers.
• Obtain an EIN to open an estate account.
• Pay expenses of administering the probate estate.
• Distribute probate assets to beneficiaries.
• Close the probate estate.

It’s never been more important that your probate and estate planning documents comply with Florida law. Talk with an experienced attorney to protect you, your family, and your loved ones.

Talk to Reed and find out how the Bloodworth Law Estate Planning Team can help you, your family, or your business.