Saturday, October 31, 2009

Florida Probate question?

How long does a will stay in probate?
Answers:
Until the estate is closed. Fla. law requires publication of a notice to creditors and interested parties who have 90 days (actually 93 in practice) to file claims. Depending on the county there is about a 10 day lead time from filing the petition until the local newspaper can publish notice. If any claims are filed or any objections are made to any proceeding then they must be resolved before trhe estate may be closed. If there are any unpaid bills they must be resolved. If there is any property tro be sold or any trusts that must be opened for minor benfiiaries, that must be done. Receipts from any benficiaries must be filed. And if estate taxes are due they must be paid and the IRS clearance letter must be filed. Anything else that must be done to wind up the deceased's affairs must also be completed, however long it takes.
So, assuming eveything can be done in within the publication period, there is a minimum of 93 days from the date of the first publication %26 about 10 days lead time == or about 103 days more or less.
Small estates, consisting mainly of exempt assets under Fla. homestead law, or estates of persons dead more than two years (the statute of limitations for claims against the deceased) can often be wound up in shorter periods.
It depends on the size of the estate . . . as well as the efficiency of the executor. My mother-in-law's estate took about 15 months.

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