According to Florida law, a Summary Administration and Formal Administration are two distinct probate administrations differentiated by their complexity, cost, and the size of the estate. The key distinction lies in the estate’s value and the necessity for a more involved administrative process in Formal Administration compared to the streamlined process in a Summary Administration:
1. A Summary Administration is a quicker and less costly process than a formal administration. The court filing fee is typically less than $350.00 and the attorney fee should not exceed $3,500.00. Also, if a notice to creditors is needed, the publication cost should not exceed $250.00. A summary administration is available if the value of the entire estate subject to administration in Florida, less the value of property exempt from claims of creditors, does not exceed $75,000 or the decedent has been deceased for more than two years. This administration does not generally require the appointment of a personal representative. In cases where Summary Administration is applied, an order of summary administration is issued by the court, distributing the probate assets and designating to whom each asset is to be distributed. Note: In most instances, a notice to creditors should be filed in a summary administration to reduce the creditor claim period and bar creditor claims.
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2. Formal Administration, on the other hand, is necessary when the estate exceeds the thresholds for Summary Administration or when a more detailed process is required, potentially due to the disposition of real estate, the complexity of the estate or disputes among heirs or creditors. Formal administration involves the appointment of a personal representative who administers the estate’s affairs, including collecting and valuing assets, paying valid claims and taxes, and distributing the estate to rightful heirs. Note: In some instances, it may be appropriate to convert a formal administration to a summary administration. Doing so, saves time and expense for the estate and the beneficiaries.
Learn more about Formal Administrations here.
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