What will happen to your estate when you die? Much of this answer will depend on the estate planning steps you took. You may also have the question of what is probate administration. It is a big part of executing a person’s estate plan, but most people don’t know much about it. This post will cover what probate administration is and how it works.
What is Probate Administration? The Basics Seniors Must Know
Probate administration is the process of gathering, verifying, and distributing the decedent’s assets. This process may involve trusts, wills, and various financial documents from the decedent. It ensures a structured and fair distribution of assets according to the individual’s estate plan.
Assets Covered Under Probate Administration
The probate process may not cover all of the decedent’s property. Probate is only limited to property owned in the decedent’s name alone. It also does not cover assets that pass to other people by operation of law. Some examples of assets that may go under probate are:
- Bank accounts in the name of the decedent alone
- Life insurance policies payable to the estate
- Real estate property titled in the name of the decedent
Probate Representation
During probate, a representative will act as the executor. If the decedent had a will, it will nominate the executor. Whether an individual or a company, this representative is crucial in ensuring the process follows Florida probate law.
Probate Administration and Creditors
During probate proceedings, creditors must file their claims against the estate within three months after the representatives publish a notice. If the creditor files his claim later than three months, it is considered barred and unenforceable against the estate. The representative may also object to a creditor’s claims. In that case, the creditor must prove the debt is valid.
Probate Administration and Seniors
Probate administration benefits seniors by ensuring the fair distribution of the estate and fair payment to creditors. It ensures that the family can trust that the law will protect them from unfair dealings and claims.
A probate proceeding can be long and expensive, but that does not mean you should avoid preparing for it. You can make the process easier by hiring a lawyer with experience in elder law.
Do you need elder law or estate planning services? Click here to contact Scott Law Offices. We are dedicated legal advocates for seniors. Reach out now to learn more about how we can help.
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