After a death, the probate process is often a necessary part of following the decedent’s wishes and ensuring the legality of a will. However, that doesn’t make it any easier to work through as an heir waiting to take possession of the inherited assets. Florida probate differs from probate in other states, making the process potentially more complex.
While waiting for your loved one’s assets to move through Florida probate, you could face some financial hardships. You may be counting on these assets to help with your investments and expenses. At Rockpoint Probate Funding, we help you by offering a cash advance based on the estate’s value.
Because these cases can take a year or longer to complete in complex situations, having a cash advance option could benefit your situation. By learning more about Florida probate law and how it works, you can make an informed decision on whether to seek a cash advance.
How Long Does Florida Probate Take?
Some aspects of Florida probate law allow the process to go faster than in other states, while other aspects lengthen the process. Florida follows two types of probate cases, although intestate succession can speed up the process, too. If an estate without a will qualifies for summary administration, it may only take several months to complete the process. If it must go through formal administration, it could take a year or more.
In either type of case, creditors have up to 90 days after the date of death to make a claim against the estate’s assets.
Summary Administration
If the estate going through probate has less than $75,000 in assets, summary administration is possible. The estate must not have creditors making disputed claims against the assets. (If claims appear after the distribution of the estate, those who receive the assets under summary administration could be liable, according to The Florida Bar.)
If the estate qualifies, a surviving beneficiary could sign a Petition for Summary Administration with the probate court, according to Florida Statute 735.203. This petition speeds up the movement of the case through Florida probate court. Under this provision, the case might only require a few weeks beyond the 90-day timeline for the creditors.
Some states follow a similar process but use a small estate affidavit to speed up the probate process. Florida does not have this option available.
Formal Administration
When the estate does not qualify for summary administration, it must go through formal administration. This is the typical process for Florida probate courts to follow.
A formal administration process usually takes up to a year, although some complex cases can take quite a bit longer.
Intestate Succession
When going through a probate with no will, intestate succession can speed up the process. Intestate succession, as discussed in Florida statute 732.101, automatically decides which beneficiaries receive the assets.
Whether the heirs consist of a surviving spouse, children, stepchildren, siblings, or parents, intestate succession specifies the rules to use in the distribution.
Avoiding Florida Probate
Because of the complexity involved when some cases end up in probate court in the state of Florida, avoiding probate can be highly beneficial in speeding up the process.
Living Trust
An effective way of avoiding probate in Florida is through estate planning. The decedent must have planned before passing away, such as by setting up a living trust.
Through this living trust, the decedent’s assets move directly into the trust upon the person’s death. Because the decedent has no assets in their name, the probate court doesn’t participate in the estate distribution. The trust specifies who receives the assets and when.
Direct Beneficiary
With certain types of assets, such as life insurance policies, a direct beneficiary is part of the asset. Upon the decedent’s death, such assets go to the beneficiary, skipping the Florida probate process.
Enhanced Life Estate Deed
If the decedent sets up an enhanced life estate deed, they may avoid probate for any property in the estate.
The deed specifies the beneficiaries for the property upon the person’s death. The person maintains control of the property throughout life, but it passes to the beneficiaries immediately after the person’s death.
How Florida Probate Works With an Executor
When an estate ends up in probate, the court names an executor. The estate may suggest names for the person who will serve as the executor. This person must:
- Notify heirs of the death
- Notify creditors of the death
- Take inventory of all assets that are part of the estate
- Determine the worth of the assets
- Make payments to satisfy debts owed to creditors and for things like taxes
- Create a final accounting for the estate
- File all documentation with the court
- Distribute any remaining assets and close the probate process
Executor compensation is part of using an executor in Florida probate. This person receives payment for the work required to manage the probate process, as discussed in Florida statute 733.212. The executor, called a personal representative in some other states, must accurately track any time and tasks while working on items for the estate.
Considering a Florida Probate Cash Advance? Call Rockpoint Probate Funding Today
If probate is taking far longer than you expect, it can be frustrating. The assets of your loved one’s estate are going to belong to you eventually. However, you may have to wait several more months to receive them.
Rockpoint Probate Funding offers a solution through our cash advance options. With our service, you receive a portion of the inheritance now. You can use this money for any reason. You may even be able to receive the cash on the same day you apply.
When deciding how much money you could receive in the cash advance, we only focus on the estate’s value. We do not consider your credit score. You do not have to worry about hidden fees when you rely on Rockpoint Probate Funding for your Florida probate cash advance. Call us today at (888) 263-8588 for a free discussion of your situation.
