What is Formal Administration?
Formal Administration is the typical “long form” estate which is mandatory for estates with more than $75,000.00 in non-exempt property.
Formal administration has several steps, and takes a minimum of 5 to 6 months to complete, although it can take longer, depending on the circumstances. A personal representative (known in other jurisdictions as an “executor” or “administrator”) is appointed by the court to act on behalf of the Estate.
The personal representative has power to access bank accounts, sell real or personal property, hire attorneys and accountants, and do anything necessary to effectively administer the estate. With all that power comes responsibility.
A personal representative is a “fiduciary”, having the highest level of trust to act in the best interests of the beneficiaries, creditors, and all persons who have any interest in the estate. Personal representative is a job to be taken seriously. Florida statutes allow a personal representative to be compensated for their services from the estate. A personal representative must be represented by an attorney.
Florida Homestead Exemption A Florida Homestead Exemption can save you a great deal of money in terms of property taxes. Successful applications attract a typical $25,000 cushion to add to further relief of a similar [...]