Comparing Summary and Formal Administration Probate

Active in the Boynton Beach, Florida, legal community, Marianne Coulton maintains a law practice that provides clients with support in estate planning and tax planning matters. One of Marianne Coulton’s areas of extensive knowledge is probate matters.

The court-supervised probate process focuses on identifying and assembling a deceased person’s assets. These assets can then be distributed to the decedent’s beneficiaries after outstanding debts have been resolved. In Florida, this is typically accomplished through one of two processes: summary administration or formal administration.

Summary administration is applicable only when the assets of the decedent subject to probate total $75,000 or less, or when at least 2 years have elapsed since the decedent passed away. Formal administration, on the other hand, is applicable for all other estates and in situations where a personal representative or letter of administration is required.

The summary administration process offers the advantage of being less expensive and much faster (typically between 3 and 6 months). This contrasts with the more complex formal administration process, which requires more documentation and takes between 6 and 18 months to complete.

The personal representative in the formal administration process is important in cases where authority is required to request information regarding the decedent’s assets. Without this authority, institutions have a legal obligation to withhold such information. In addition, letters of administration are necessary dealing with the IRS, a mortgage company, or a bank, and when a property is to be sold before distribution occurs.