Formal Administration is for estates where the value of the estate is greater than $75,000 or where the value of the estate is less than $75,000 and there are creditors of the estate. In determining whether the estate is greater than or less than $75,000, you do not include property that is exempt from the claims of creditors, such as exempt homestead real property. In a formal administration, a Personal Representative is appointed and he or she must publish a Notice to Creditors and forward a copy of the Notice to Creditors to any reasonably ascertainable creditors of the estate. The Notice to Creditors gives creditors notice that they are required to file claims against the estate within a certain time period or their claims will be barred. Publication of the Notice to Creditors is not required in cases where the decedent died over two years ago.
Formal Administration is a complicated process and Florida Probate Rule 5.030(a) requires that every non-attorney personal representative (executor) be represented by an attorney admitted to practice in Florida, unless the personal representative (executor) is the sole interested party.
Here at Trader Legal, we have over thirty years of experience handling probate estates. Give us a call today at (321) 723-6731 to schedule a FREE probate consultation.