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Tampa Formal Administration Probate Attorney
Formal Administration is the traditional process of probate. It begins with the appointment of a personal representative, usually the executor of the will, by a probate judge and a petition to open the estate. An executor of a will can be a trusted family member, friend, attorney, or anyone you can count on to carry out your final wishes and proper distribution of your assets upon your passing.
The probate judge can assign a party to be the personal representative who is not the executor of the will. This is common in probate cases where the will is being disputed or when an attorney is hired to handle the probate process for the beneficiaries.
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How Your Probate Lawyer Can Help During Formal Administration
The attorneys at the Storay Advocacy Group can serve as your personal representative upon your passing or help you finalize the documents pertaining to your estate. We can also represent family members of the deceased during the formal administration process as the elected personal representative.
What Does A Personal Representative Do?
As the estate’s personal representative during formal administration, it would be our job to secure and collect information pertaining to the decedent’s assets (all bank accounts, real estate, and other property), identify any creditors and settle any outstanding debt. This includes paying off credit cards, home or car loans, or releasing property that was collateral for a loan according to the specifications of the will and/or Florida Probate Law.
Once creditors (if any) are satisfied, we then finalize the estate process by distributing the remaining assets to the designated beneficiaries per the guidelines of the last will and testament and/or Florida Probate Law.
When Formal Administration Is Needed
- All estates are eligible for formal administration irrespective of the value of the estate.
- Even estates with no assets can be opened under formal administration.
- Formal administration is mandatory for all estates with non-exempt asset valued at or over $75,000 and when the decedent passed away less than two years ago.
- Formal administration is the recommended probate process for any estate that has multiple creditors, contract issues, requires mortgage negotiations, business concerns, or is involved in litigation.
Schedule A Consultation With A Probate Attorney
Figuring out what to do in the midst of your grief is more stress than you should be worrying about. Contact our office to schedule a free consultation with one of our probate attorneys. We’ll review your situation and advise on your best course of action and whether or not you’ll need the help of our probate law firm. If your probate case is complicated and requires the aide of a probate attorney, we offer more affordable rates for our services because we believe that families should not forego their right to an attorney solely because of the financial costs.
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