Estate Planning | 3 Things Every Individual Should Know About Probate

Estate Planning | Probate is the process of administering a person’s estate after they have died. The laws guiding this process change from State to State. When a person dies, their estate is administered in the state where the decedent lived. A probate attorney in that state can provide you with the specific administration requirements under that state’s laws. However, the following is some general information regarding the probate process and the estate planning.

What exactly is a Probate?

Probate is a process that ensures that the estate, property, money, and belongings of a deceased person are distributed according to either his or her will. Alternatively, if there is no will, each state has laws regarding how an estate will be administered if it is intestate (just a fancy word for “no will”). In Florida, the person appointed to administer an estate is called the Personal Representative.  The Personal Representative can be someone appointed by the deceased’s will or who is an interested party appointed by the Court. Some types of probate administration in Florida require an attorney to represent the Personal Representative.

What is the Role of Court?

A Probate court has some duties that it fulfills. A Court may  verify that the deceased person’s will is valid. Then, the court appoints a person who is responsible for identifying and collecting the assets of the deceased, addressing debts, and distributing the remaining assets to the beneficiaries pursuant to either the decedent’s will or the heirs according to the laws of that state. Note that the personal representative may also charge some fees for the services that he or she has rendered. The Court oversees this process and ensures that all interested parties are provided the proper notices and that all distributions are made in accordance with state law.

What’s the Benefit of Probate?

 
A probate administration provides financial institutions with a means to transfer property to the rightful beneficiaries. It provides a venue for creditors to close out their accounts and make attempts to recoup some or all of their losses. Mostly, it provides the beneficiaries some closure. They can know that their loved one’s wishes were carried out and that all financial issues created by their loved one’s passing have been addressed.
If you are based in Tampa, Florida and are looking to make a will, or if you are looking for a lawyer who can assist you with a probate, then you should contact the Law Office of Michelangelo Mortellaro P.A. They have been providing legal services to their clients since 2007. For more information about estate planning services call 813-367-1500 or simply visit their official website for more details.