What to Know About Probate Summary Administration

There are two common types of probate that an estate may pass through after a person passes away in Florida — formal administration and summary administration.

What Estates Qualify for Summary Administration?

Certain estates in Florida qualify for summary administration. Summary administration applies when an estate’s non-exempt assets value $75,000 or less. It also applies if the deceased has been dead for over two years. Summary administration probate is available in specific circumstances but is often faster and cheaper than formal probate. Most other estates must pass through formal administrative probate if they have non-exempt assets.

What are Exempt and Non-Exempt Assets?

Exempt assets pass directly to heirs and beneficiaries after a person’s passing and do not go through the probate process. Examples of exempt assets include life insurance policies with named beneficiaries, payable-on-death accounts, trusts, life estate deeds, and real estate with joint owners and rights of survivorship. These types of assets do not count towards the value of an estate for summary administration.

Non-exempt assets do count towards the overall value of an estate for summary administration and do pass through the probate process. Examples of non-exempt assets include bank or investment accounts with no joint ownership or designees, annuities or IRA accounts with no beneficiaries, real estate titled to just the deceased, and personal property not placed in trust. These assets combined must be valued at less than $75,000 to qualify for summary administration. The only exception is if the deceased has been dead for more than two years, at which point the value of the non-exempt assets does not matter.

Call or Contact Our Office Today

If you would like to learn more about summary administration probate and whether your loved one’s estate may qualify for this process, call the office or contact us at The Soto Law Office in Altamonte Springs to schedule a consultation with one of our experienced estate planning attorneys.