What is Formal Administration in Naples?
Probate is the court process that transfers the probate assets according to the decedent’s will or Florida’s intestacy laws after the payment of creditor claims and administration costs. Florida probate is required when an individual dies owning property in their name individually and without a beneficiary designation.
There are two types of probate in Florida: summary administration and formal administration. Formal administration is necessary when probate assets have a total value of more than $75,000 and the individual has been deceased for less than two years.
How Does The Formal Administration Process Work in Naples?
Below is a general outline of the formal administration process in Naples, Florida.
1. File a petition to serve as personal representative of the estate.
The first step of the process is to file a petition with the Collier County probate court and request the appointment of the personal representative named in the decedent’s will. The probate court will issue letters of administration showing that the personal representative has the authority to administer the estate.
2. Publish a Notice to Creditors to notify potential creditors that the estate has been opened.
After the personal representative has been appointed, they must file a Notice to Creditors alerting potential creditors that the estate has been opened. The Notice to Creditors must be filed once per week for two consecutive weeks. Creditors have three months from the date of the first publication to file a claim against the estate.
Your attorney will help review the creditor claims and determine their validity. If the personal representative objects to any claims, your attorney will file a formal objection with the probate court. If there is no objection and the claim is paid, your attorney will help obtain a Satisfaction of Claim from each creditor and file these with the probate court.
3. Notify interested parties.
The personal representative must send a service of Notice of Administration to all interested parties. Interested parties include heirs and beneficiaries.
4. Prepare an inventory and appraisal of the estate’s assets.
The personal representative must prepare an inventory and appraisal of the probate assets. The copies of the inventory must be sent to all residual beneficiaries.
5. Prepare and file taxes.
The personal representative is responsible for preparing and filing any necessary tax returns with the IRS, such as the final individual income tax return (Form 1040) and estate tax return (Form 706).
6. Prepare final accounting.
A final accounting lists the financial changes to the estates since the initial inventory. The personal representative must prepare the final accounting and Petition for Discharge and file them with the court. They must serve notice of the filing on all residual beneficiaries.
7. Distribute the probate assets.
The final step before closing the estate is distributing the remaining assets according to the Last Will and Testament. If there was no Will, the assets must be distributed according to Florida’s intestate law.
How Long Does Formal Administration Take in Naples?
Formal administration can take anywhere from a few months to two years to complete in Naples. The length of the proceeding depends on the complexity of the estate and whether a Federal Estate Tax Return (IRS Form 706) is filed with the IRS.
An estate is only required to file Form 706 if the estate is valued at more than $12.92 million. If Form 706 is required, it may take up to two years for the probate proceeding to be completed. If no Form 706 is required, it can typically be completed in six months to one year from the date when the formal administration was opened with the probate court.
Hire Attorney James R. Nici to help with Estate Administration
The probate process can be complicated and overwhelming, especially when you are dealing with the loss of a relative. It is a smart idea to work with James Nici, an experienced lawyer regarding estate administration especially formal administration. He will work closely with you and assist with the steps to described above.
James Nici is an experienced estate administration lawyer who can guide you through the formal administration. There are certain steps he will discuss with you to prepare for a meeting to begin his assistance.
Contact Nici Law Firm. and James Nici. We are well-versed in these issues and can assist you through the estate administration. Contact our office today at (239) 449-6150 or use our web form to set up a free consultation.
