When Does A Florida Estate Have To Go Through Probate In Tampa?
When someone passes, it’s never easy for their loved ones. Grief can be overwhelming, but there are also numerous practical matters to attend to. Probate is often one of them.
One of the most common questions Tampa families ask after losing a loved one is whether the estate has to go through probate. It can be a potentially costly, time-consuming, and contentious process. Our experienced Tampa probate lawyer explains when it’s required and the types of probate available in Florida.
Which Assets Require Probate and Which Pass Automatically
Probate is a court-supervised process for settling a deceased person’s financial affairs, paying their debts, and distributing their assets to beneficiaries. The process is governed by Chapters 731 through 735 of the Florida Statutes. It is required when a person has assets in their name alone, with no will or trust to transfer them automatically, and no designated beneficiary.
Hillsborough County Probate Court proceedings can take a significant amount of time. However, many assets pass outside of probate, which means your family could receive them in a matter of days rather than months. These include:
- Bank accounts and investment accounts with a named payable-on-death or transfer-on-death beneficiary.
- Life insurance policies and annuities with a named beneficiary other than the estate.
- Retirement accounts such as IRAs and 401(k)s with a current beneficiary designation.
- Real estate held jointly as tenants by the entirety or with a surviving joint tenant.
- Assets held inside a revocable living trust, which transfer to beneficiaries under the trust’s own terms.
Any asset that does not fall into one of these categories and carries no valid beneficiary designation will almost certainly require probate before it can reach your loved ones.
Three Types of Probate in Tampa
When probate is needed, Florida law gives you three paths forward, depending on how large and complex your loved one’s estate is:
- Disposition without administration is the simplest option. This works when the estate only has exempt property and personal property worth less than the funeral costs and final medical bills combined. It just takes one informal filing with the court.
- Summary administration is for somewhat larger estates. This applies if the non-exempt assets total $75,000 or less, or if it’s been more than two years since your loved one passed, no matter the estate size. It usually takes one to three months.
- Formal administration applies when non-exempt assets total over $75,000, and it’s been less than two years since your loved one passed. It takes longer and requires professional legal help.
To determine which applies in your particular case, speak with an experienced Tampa probate lawyer.
Contact Our Experienced Tampa Probate Lawyer Today
The loss of someone you love is always devastating. The last thing you need is confusion over the probate process.
At Bubley & Bubley, P.A., our experienced Tampa estate planning lawyer provides trusted legal guidance families throughout Hillsborough County can count on. For caring support and professional legal help during this difficult time, contact our office. Request a consultation today.
Sources:
flsenate.gov/laws/statutes/735.201
hillsclerk.com/court-services/probate-guardianship-and-trust
