Common Concerns Regarding The Probate Process
Q: What Taxes Should I Worry About After Probate?
A: While Florida does indeed have an inheritance tax, this will most likely not concern you since the exemption is $5.2 million. Unless you are inheriting an amount that exceeds the exemption, you do not need to worry about any taxes as there is also no separate estate tax.
Q: When Should I Speak To An Attorney Regarding An Estate Proceeding?
A: This will depend on individual circumstances. Though it’s important to note that seeking legal counsel with an experienced lawyer is highly advised before you or your family members decide to sell off any assets that belonged to the deceased.
Q: How Long Is The Probate Process?
A: For nontaxable estates, the probate process could last anywhere from six months to a year. In Florida, the court requires that the process be completed within a year unless there is an extenuating circumstance that prevents you from doing so. For taxable estates, the probate process could take a year or longer. The court system will allow you two years to complete this process unless you qualify for an extension due to an extenuating circumstance. However, if everything goes smoothly and depending on the size and complexity of your estate, it is possible to be done with the probate process as early as six months.
Q: How Can I Avoid Probate?
A: If your loved one opted for a living trust, and it was done in full and correctly, then you as the beneficiary of the said trust will not have to deal with the probate process. Depending on the complexity of the trust, this method of distributing your assets can be controlled by you and is usually quicker and less expensive than the probate process.
Need To Know More? Contact Me Today.
Dealing with the complex probate process after the loss of your loved ones can be tough. That is why I am here to provide my clients with the help and support they need during these trying times. Contact me, H. Frank Winn Jr., at my Pensacola firm using this number — 850-462-3189 — or reach out to me with this online contact form anytime you need legal guidance or assistance with an estate proceeding.