How to Determine What Assets Remain in an Estate After Paying Debts and Fees in FL
Disclaimer: This article is for informational purposes and does not constitute legal advice. Detailed Answer When someone passes away in Florida, a personal representative serves as the estate’s administrator. Your objective is to calculate the net estate by subtracting debts and administrative expenses from total assets. Follow these steps under Florida law: 1. Inventory and […]
Read article →What Options Exist for a Personal Representative with Limited Funds for Handling Creditor Claims in FL?
Disclaimer: This article provides general information only. It is not legal advice. Detailed Answer When a personal representative (PR) manages an estate with limited funds, Florida law offers several pathways to handle creditor claims and reduce personal exposure. 1. Summary Administration Under Florida Statute §735.201, if the estate's value is under $75,000 or the decedent […]
Read article →How to Manage Estate Administration When Assets Are in Multiple Counties or Jurisdictions in Florida
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Detailed Answer When a decedent leaves assets in more than one Florida county or in another state, you must coordinate separate probate or ancillary administration proceedings. Florida law governs how to handle in-state assets, while other jurisdictions require their own process. […]
Read article →How to Distribute Estate Assets to Heirs Using a Small Estate Affidavit Process in Florida
Disclaimer: This article provides general information and does not constitute legal advice. Consult a qualified attorney for guidance tailored to your situation. Detailed Answer Florida law permits distribution of a decedent’s personal property through a simplified small estate affidavit when the total value of nonexempt personal property does not exceed $75,000. This process, designed to […]
Read article →How to Manage and Prioritize Creditor Claims During Estate Administration in Florida
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for guidance on your specific situation. Detailed Answer When you act as a personal representative (executor) in Florida, you must identify, evaluate and pay valid creditor claims against the estate in the order required by law. Florida […]
Read article →How to Initiate the Sale of Estate Property to Satisfy Creditor Claims in Florida
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified probate attorney to discuss your specific circumstances. Detailed Answer When a Florida resident dies, their estate must pay valid creditor claims before distributing assets to heirs. The personal representative (formerly called executor or administrator) oversees this process. Below […]
Read article →What Procedures Ensure Estate Expenses and Creditor Claims Are Addressed Before Distributing Assets to Heirs in Florida?
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Detailed Answer When someone dies with assets in Florida, the personal representative (formerly executor) must follow the Florida Probate Code (Chapter 733, Florida Statutes) to pay estate expenses and creditor claims before distributing anything to heirs. 1. Appointment of a Personal […]
Read article →Options for Selling or Auctioning Personal Property to Reimburse Estate Expenses and Equalize Heir Distributions in Florida
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a qualified Florida attorney for guidance on your specific situation. Detailed Answer Under Florida probate law, the personal representative (PR) of an estate has statutory authority to sell or auction personal property to cover estate expenses and fairly distribute value […]
Read article →What steps are needed to access and review information held in an unclaimed property account in Florida?
How to Access and Review Your Florida Unclaimed Property Information Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified attorney or the Florida Department of Financial Services for guidance on your specific situation. Detailed Answer Under Florida’s Uniform Unclaimed Property Act (Fla. Stat. § 717.101 et seq.), […]
Read article →How is the fair market value of personal property calculated in a probate case in Florida?
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for guidance tailored to your situation. Detailed Answer: Calculating Fair Market Value in a Florida Probate Case Under Florida law, fair market value (FMV) is the price a willing buyer would pay a willing seller in an […]
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