Monday, May 21, 2012

Estates: My deceased family member had little assets, is it worth administering the estate?

Maybe.  If the decedent had minimal personal property (cash) and many creditors it may appear fruitless to administer the estate, however if real estate is involved there may be an unattachable pot of gold.

If decedent maintained a homestead in Florida with equity, the equity passes to heirs free and clear of creditor claims (except real estate creditors, i.e. mortgagees, etc...).

If you are an "heir" of decedent your attorney may petition the court to establish homestead of the real estate and if granted, the order will cause title to vest in the "next of kin" free of claims.  (See below to determine if you are an "heir" of decedent.)  See Article X, Section 4(b) of the Florida Constitution

The decedent's homestead is not an asset of the probate estate however it is frequently controlled and preserved by the Personal Representative for the beneficiaries during administration of the estate.  Typically, a creditor publication is required prior to a probate judge granting a Petition to Establish Homestead.

In summary, should you administer the estate?

1. Is the real estate the decedent's homestead?
2. Is there equity in the homestead?

If the answers are "yes" and "yes", then yes!

Call NEILSON LAW, PA regarding a Petition to Establish Homestead.

Who is an "heir"?
Section 731.201(18) of Florida Statutes defines heirs or heirs at law as “those persons ... who are entitled under the statutes of intestate succession to the property of a decedent.” 

Who receives under intestate succession?
(1) To the descendants of the decedent.
(2) If there is no descendant, to the decedent's father and mother equally, or to the survivor of them.
(3) If there is none of the foregoing, to the decedent's brothers and sisters and the descendants of deceased brothers and sisters.
(4) If there is none of the foregoing, the estate shall be divided, one-half of which shall go to the decedent's paternal, and the other half to the decedent's maternal, kindred in the following order:
(a) To the grandfather and grandmother equally, or to the survivor of them.
(b) If there is no grandfather or grandmother, to uncles and aunts and descendants of deceased uncles and aunts of the decedent.
(c) If there is either no paternal kindred or no maternal kindred, the estate shall go to the other kindred who survive, in the order stated above.
F.S. 732.103

5 comments:

  1. Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic. If possible, as you gain expertise, would you mind updating your blog with more information? It is extremely helpful for me. For more home buying and Selling Tips visit us at Cape Coral Real Estate.

    ReplyDelete
  2. Helpful and Valuable blog.
    You share various types of knowledge about Alimony attorney.
    alimony attorney cape coral fl

    ReplyDelete
  3. Nice very informative blog for more information visit Amsberry Law Firm they provide a lawyer for estate planning and other law services.

    ReplyDelete
  4. Thanks for sharing this wonderful blog with us. This is more helpful for find the elder law attorney.

    ReplyDelete
  5. Couldn't be written any better. Reading this post reminds me of my old room mate! He always kept talking about this. I will forward this article to him. Winter Park Lawyer Pretty sure he will have a good read. Thanks for sharing!

    ReplyDelete