Why Not Wait Two Years for Summary Administration in Palm Beach County?

If you live in Florida and you recently lost a loved one, you might have heard something about “summary administration.” Perhaps you have heard that this process is significantly easier and cheaper than formal  probate administration in Palm Beach County. You might have also heard that if you simply wait two years after your loved one passes, you qualify for this cheaper process automatically. But is this really true? Even if this is true, is it even worth it to wait this long to get your inheritance?

How the “Two-Year Rule” Works During Probate in Florida 

Under Florida law, there are two ways to qualify for summary administration. First, estates with probate assets worth $75,000 or less can qualify for this process immediately after the passing of decedents. Secondly, all families can qualify for summary administration if two years have passed since the deaths of their decedents.

In other words, you can simply wait two years if you want to experience a cheaper, more streamlined probate process. There are fewer accounting requirements, fewer steps involving creditors, and other benefits. The speed of this process and its affordability are directly related. The less time you spend on probate, the lower your legal fees will be.

The two-year rule is also connected to creditor claims and debt collection processes. Once two years pass, most creditors lose their right to collect debts left behind by the decedent. This inherently makes the probate process easier because there are no debts to consider. That said, not all debts follow this two-year rule. Secured creditors with liens can still attempt debt collection for the foreseeable future, even after summary administration.

Is Waiting Two Years Even Worth It?

For some families, waiting two years to save money on probate may seem like a worthwhile endeavor. For others, waiting two years is difficult. Some families are eager to receive their inheritance, perhaps to cover medical debt, credit card bills, or deal with other financial issues. Perhaps a younger beneficiary wants to receive their inheritance to put a down payment on a home.

It may be difficult for all beneficiaries to agree on a strategy like this. Some may want to wait, while others may prefer to get their hands on the assets as quickly as possible. In certain cases, these disagreements can lead to major rifts between family members.

Can a Probate Lawyer in Palm Beach County Help Me?

If you’re interested in reducing the cost of probate, consider speaking with an experienced Palm Beach County probate lawyer. These legal professionals understand the financial pressures your family might be facing, and summary administration is a viable option under certain circumstances. That said, you might want to review other options alongside KitroserLewis & Mighdoll. Contact us today to schedule a consultation.

Source: 

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0735/0735.html