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.
$75,000Formal administration is the more involved variety of Florida probate. Formal administration is required for any estate with non-exempt assets valued at over $75,000 when a decedent died less than two years ago.
Do I Need a Lawyer for Florida Probate? Yes, in almost all cases you will need a Florida Probate Lawyer. Except for “disposition without administration” (very small estates) and those estates in which the executor (personal representative) is the sole beneficiary, Florida law requires the assistance of an attorney.
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.
Examples of assets that must go through probate in Florida are bank or investment accounts owned solely in the name of the decedent (although these accounts can be made payable on death to avoid probate – but you have to specifically ask the bank to make the account “P.O.D.”); and, life insurance, annuity contracts or ...
Many banks and other financial institutions will not require sight of the grant of probate or letters of administration if the account value is below a certain amount. This threshold is determined by the bank, and as such this varies for each bank and financial institution.
Estimating the Cost to Hire a Florida Probate Attorney Florida statutes set forth what are considered reasonable fees for Florida probate attorneys at the following rate: $1,500 for estates up to $40,000. $2,250 for estates between $40,000 and $70,000. $3,000 for estates between $70,000 and $100,000.
The simple answer is... yes! For the vast majority of probate cases, a lawyer is not required to probate a will. In fact, anyone can interact with the court system and you can do probate without a lawyer.
Settling an Estate in FloridaFirst, someone must file the will and a petition to open probate in the circuit court in the county where the person lived prior to their death. ... The court will approve or appoint an executor for the estate and provide Letters of Administration.More items...
The state of Florida does not allow automatic "transfer upon death" arrangements for deeds of real estate. If a Florida property owner passes away, the property must go through the probate court system for the county the decedent lived in.
If you die without a will in Florida, your assets will go to your closest relatives under state "intestate succession" laws.
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.