Summary Administration: A Faster Probate Process

They often say that life is not one size fits all. That’s also true in probate; estates are not the same, and because of that, the law provides a different, alternative type of probate for certain estates, called summary administration.

When Can You Use It?

Summary administration is a quicker streamlined probate process, for estates that are valued at under 75,000.

Of course, figuring out if your estate’s value is under that amount, and thus qualifies for summary administration requires valuing the assets of the estate, and understanding which assets count towards the estate total, and which do not.

Alternatively, if it has been two years since the death, summary administration can be used, regardless of the value of the estate, because that is the time limit for creditors to make claims on an estate–once that deadline has passed, there is no need to deal with creditors, and thus, the quicker, easier process can be used.

All beneficiaries must also consent to the use of the summary administration process.

Required Certifications

If you are filing for summary administration before the two years, and have an estate valued at less than the $75,000, you must certify that there are no known creditors or that any creditor claims are barred, usually because all the estate has is otherwise creditor-exempt property. There is a list of property that is exempt from creditors, but they generally include a homestead, two vehicles, and home furnishings.

You do still have to notify the creditors of the summary administration–and it can happen that if too many creditors respond, your summary administration will be converted to a standard probate case.

Additionally, the text of a will might specifically require a full probate case; if that is the case, summary administration cannot be used.

No Personal Representative

One major difference between traditional and summary administration of an estate is that in the latter, there is no personal representative.

The drawback to that however is that there is nobody appointed to find hidden assets, or locate beneficiaries who may not be available. If assets need to be retitled or transferred, there is no one person authorized to do so on behalf of the estate.

Family is left to do these things–which, if they aren’t on the same page–such as family that isn’t communicating or there is fighting over who gets what–that can create an uncomfortable, if not impossible, situation.

But having no personal representative makes some sense, because in most cases, with estates valued at under $75,000, there are so few assets, that the duties of the representative wouldn’t really be necessary.

A Faster Process

Summary administration is much faster (and thus more affordable) than the normal, formal administration–sometimes it can be resolved in as little as 1-2 months, allowing beneficiaries access to inheritances much faster than would otherwise be the case.

Call the West Palm Beach probate law attorneys at The Law Offices of Larry E. Bray today to see what kind of probate case is best for you.

Source:

floridabar.org/public/consumer/pamphlet026/