When a person dies, their estate will likely go through the probate process. In Florida, this is required if assets are held in the person’s name without having beneficiary designations. It’s possible that some property may be handed down to beneficiaries without probate. Those include assets that are held in trusts and those that are jointly owned with survivorship rights.
The probate process isn’t set to one singular timeline. The time it takes depends on the size and complexity of the estate. Some simple estates may take months, but other estates may take a year or longer. In some cases, other factors like disputes among heirs or trouble finding assets can also draw the process out longer.
What happens to debts?
The decedent’s debts are paid by the estate if the debts are validated and the estate has money or assets to cover the balances. If there isn’t any money or assets in the estate, it is insolvent, and the debts will go unpaid. At that point, beneficiaries won’t be paid either.
What if there’s no estate plan?
If there isn’t an estate plan, the decedent’s assets are distributed according to the state’s intestate laws, which don’t account for the decedent’s wishes. This is why it’s important for adults to outline their wishes in a will or to use trusts to handle the distribution of assets.
Moving an estate through probate can be complex, particularly for high-value estates. It’s critical that anyone who’s handling this understands the requirements so they don’t make any missteps. It may be beneficial for them to work with someone familiar with these matters so they can have assistance through the process.