In contrast to Summary Administration, Florida’s Formal Administration probate procedure is required for estates larger than $75,000.00 and when the decedent has been passed for less than two years. Although not always required, Formal Administration is a good idea to invoke when you have more complicated estates, challenges to creditor claims and can be easier if your estate requires that you work closely with third parties (examples include foreclosure, insurance related issues etc…).

Although the every Formal Administration in Florida will be somewhat different they will all pass through the same basic stages: 

1. Information Gathering:

• Obtaining the original will and codicils (if any)
• Obtain and compile a list of a beneficiaries, with name and address.
• List all assets that you have discovered or think may exist.
• If you have the original will, make sure to deposit with the Probate Clerk of Court in the county where the decedent resided immediately and retain a copy for your records.
• Obtain certified copies of the death certificate.
• Check to see if any claims or caveats have been filed.
• Decide whether a Probate Bond will be necessary.

2. Initial Document Preparation:

In order to open your Formal Administration in Florida we will prepare and file the following:

• Petition for Administration
• Oath of Personal Representative
• Designation of Resident Agent
• Petition to Admit Will to Probate (if there is a will)
• Proposed Letters of Administration
• Oath of Witness to Will (if a will and non-self proving)
• Bond Application for Personal Representative (if necessary)
• Proposed Order Appointing Personal Representative

3. Initial Probate Procedures:

After the creation of your Formal Probate we will help you begin to administer the estate.  This stage typically deals with the following:

• Determination of Homestead Status of Real Property
• Gather the assets
• Notice of Administration
• Notice to Known Creditors
• Notice to Unknown Creditors
• Verified Statement Regarding Creditors
• Affidavit of no estate tax due (if applicable)
• Application for Federal Tax Id (EIN)
• Creation of a checking account for estate.
• Change of Address Notices

4. Inventory the Estate

After opening a probate and creating the mechanisms for the Probate process to move forward correctly the next stage is to perform an inventory of the assets for the benefit of the Court and the beneficiaries.

• Prepare inventory, send to interest parties and Court
• Sell assets (if necessary)

 5. Close out the Estate

• Final Accounting of Personal Representative
• Proposed Order of Discharge
• Cancel bond
• Close out estate accounts
• File final IRS Forms