Probate Ocala FL

Probate

Probate is a general term for the entire process of court-supervised administration of estates of dead persons. It may include the estates of persons who die with or without a will. Once it is proven that a will is valid, the court will appoint the executor named in the will (or if none is available, an administrator), who will be responsible for administering the estate of a dead person according to the terms of the will. The will must typically be filed with the clerk of the appropriate court in the county where the deceased person lived, along with a petition to have the court approve the will and appoint the executor named in the will.

In some states, a summary process is available, even if there is a will. In a summary or small estate administration, many formalities of probate may be avoided if the estate is worth no more than a stated dollar value or is small with no real estate title to be transferred or all of the estate is either jointly owned or community property. If small estate administration is available to relieve the estate of the formalities of the full probate process, the estate may save fees set by statute and/or the court (depending on state laws) for attorneys, executors and administrators, and avoid the need to publish notices, court hearings, paperwork, the public nature of the proceedings, and delays while waiting for creditors to file claims.

Responsibilities of the executor or administrator include gathering up and protecting the assets of the estate, obtaining information in regard to all beneficiaries named in the will and any other potential heirs, collecting and arranging for payment of debts of the estate, approving or disapproving creditor's claims, making sure estate taxes are calculated, forms filed and tax payments made, and in all ways assisting the attorney for the estate.

Typical duties of a personal representative include:

1. Determining the assets and estate left by the decedent and filing an inventory of the assets.
2. Dealing with any valuations required on any of the assets left by the decedent.
3. Opening a bank account to handle any required financial transactions on behalf of the estate.
4. Collecting any payments that are due to the estate (such as insurance dividends, salaries, any other income).
5. Ensuring that any money due under insurance policies is paid to the estate.
6. Getting in touch with the employer or former employer of the decedent to verify whether the estate is owe...