Our Gainesville, FL probate attorneys handle estate administrations in every Florida County, and are happy to speak with you about your case. We are proud to provide this Complete Guide to Florida Probate, and hope that it helps to explain the 2022 Florida Probate Rules.
If there are any disputes about whether a probate lawyer’s fees are reasonable and should be approved, consult Florida Probate Code Chapter 733 as a starting point. Florida probate law clearly lists fees that are presumed reasonable based on the value of the estate.
Not all estates require a probate lawyer. If an estate is small enough to qualify for a simplified probate process, known as a summary probate administration, then they are not required to hire an attorney to handle the process.
Probate assets include real estate owned only by the decedent, bank accounts in the name of the decedent, and life insurance policies that fail to name a beneficiary or are payable to the estate. If the decedent owned any of these assets, Florida probate will probably be required.
For estates between $40,000 and $70,000: $2,250. For estates between $70,000 and $100,000: $3,000. For estates between $100,000 and $900,000: 3% of the estate's value. For estates between $1 million and $3 million: 2.5%
Your fee is based on the value of the estate. If the estate value is between $1 million and $5 million, your fee is 2.5% of the estate assets. If the estate value is between $5 million and $10 million, your fee is 2% of the estate assets. For assets over $10 million, the fee is 1.5% of of those assets.
Personal Representatives are compensated up to 3% of the value of the probate assets up to 1 million dollars. The table pursuant to the Florida statute is below: (a) At the rate of 3 percent for the first $1 million. (b) At the rate of 2.5 percent for all above $1 million and not exceeding $5 million.
In Florida, the attorney for a personal representative can receive “reasonable compensation payable from the estate assets.” In other words, the attorney is paid from the assets of the estate (assuming that there are sufficient assets to cover the attorney's fees).
In other words, an executor's powers arise from the will and not from the grant of probate. Therefore, a sole executor or, where there is more than one executor, all executors jointly, subject to adequate verification of identity, are entitled to the original will from the date of death.
When can an executor who is engaged in business rely upon a professional charging clause in a Will? If you are appointed an executor/trustee by a Will, the general rule is that you will not be entitled to be paid for the time you spend in administering the estate.
Executors can be paid a flat fee, an hourly rate, or a percentage based on the gross value of the estate. When the fees are based on the estate value, they are usually tiered — like 4% of the first $100,000 of the estate, 3% of the next $100,000, and so on.
Even with formal administration, most estates are resolved within 18 months. However, all claims against an estate must be filed within 2 years of the person's death.
The compensable value of the estate is the inventory value of probate estate assets and the income earned by the estate during the administration.
$1,500.00 to $3,500.00In Florida the fees for a Summary Administration vary but will typically range from $1,500.00 to $3,500.00 depending on the nature of the assets, creditor claims, the number of beneficiaries and any complexities associated with getting the Last Will and Testament admitted to Probate Court in Florida.
A probate lawyer is a Florida state licensed attorney who guides the executors and beneficiaries of a will or estate through the probate process.
For all but the simplest estates, Florida law requires that the personal representative of an estate hire a probate attorney to guide him or her through the process. While hiring an attorney might seem like an unnecessary burden, an attorney should help make the probate process as efficient as possible.
When a person passes away (the law calls them “the decedent”), his or her property will go to individuals or entities called beneficiaries.
It may be possible to probate an estate using Summary Administration under the following circumstances:
If an estate is not eligible for Summary Administration, it is usually necessary to open a Formal Administration. The Formal Administration of an estate transfers the decedent’s assets to designated beneficiaries of the estate after payment of any creditor claims and administration costs.
Once the estate has been opened and a Personal Representative has been appointed, it is necessary to publish a Notice of Administration. The Notice alerts potential creditors of the administration of the estate. At that point, creditors have three months to file a claim against the estate.
Legal fees for a Formal Estate Administration must be reasonable but are typically three percent of the probate assets. For example, if probate assets are $100,000, legal fees would be $3,000. Additional legal fees may be billed for extraordinary legal services.
This article is a brief overview of Florida estate procedures, designed to give you a better idea of the process of estate administration. The above information is intended only as a guide and you may consider discussing the particular facts of your case with a probate and estate administration attorney.
As Americans age, many of them move to Florida to exchange harsh winters and high rents for sunny skies and a lower cost of living.
In the past, people were advised that probate was a “four letter word” and something to be avoided.
When you are dealing with the loss of a loved one, confusion over local laws, ordinances, and tax codes should be the last thing you are worried about.
All actions brought under this section, BUT no fees against a party who, in good faith, initiates an action under this section to declare gift void
For a proceeding arising under 732.615 (Reformation to correct mistakes) or 732.616 (Modification to achieve testator’s tax objectives)
Any action for enforcement of debt described in section (Personal representative lien on homestead property)
Florida law states that the attorney for the personal representative, for ordinary administration services, is entitled to compensation pursuant to Section 733.6171. Section 733.6171(3) states that a percentage of the value of the estate is presumed reasonable if calculated based on the percentage schedule:
Fees can be paid to the attorney for the personal representative, as well as attorneys for beneficiaries and litigants.
If the decedent had a safe deposit box, consult with probate attorney and inventory the contents with at least one witness present. Lock all real estate premises to keep the household contents secure. Deposit the decedent’s will with the clerk of court.
You'll need several official death certificates throughout the probate process. Representatives should order a minimum of 6 death certificates through the funeral home - 3 long form (with cause of death) and 3 short form (without cause of death). The Last Will and Testament. It's important to have the most recent original version ...
Deposit the decedent’s will with the clerk of court. Florida law requires that this be done within 10 days of death (basically, to make sure someone does not hide an original document from the heirs - it happens!).
This struggle becomes even harder if you have been named as the personal representative for the estate.#N#Under Florida law, one person close to the family is entrusted to handle the financial and legal duties that must be performed in order to officially close the deceased’s estate , a process known as probate. The trusted person, known as the personal representative or the executor,#N#is chosen by the deceased during his or her lifetime and must follow the instructions of the will.
The first thing an a personal representative (i.e., "executor") should do after the death is take possession of all of the deceased’s legal records.
Under Florida law, every nominated personal representative is required to have an attorney’s representation to open a formal probate estate. This helps the representative perform fiduciary duties and ensures the transfer of assets is done in accordance with Florida law.
You'll need copies of current bank statements for all banks and accounts, including investment and brokerage accounts. Funeral receipts. You'll need copies of any end-of-life bills that have been paid, such as the funeral bill, cost of casket, and memorial services.