One of the key duties of a personal representative is to preside over the administration of the decedent’s assets. This involves collecting those assets in a restricted depository account, collecting outstanding debts, and settling creditor claims. A circuit court judge supervises the asset administration process, which begins once the decedent’s estate has been officially opened.
Under Florida law, only assets which were wholly owned by the decedent are collected during the asset administration process. These are known as “probate assets.” Jointly owned assets, such as real estate, can also become probate assets if there are no legal provisions establishing inheritance and ownership succession.
Florida probate law is formulated to protect the rights of surviving loved ones and family members while fulfilling the decedent’s remaining financial obligations to creditors. Even so, the administration of a decedent’s assets can become a very complicated process, as there are many exceptions which qualify certain holdings as probate assets while disqualifying others. As such, personal representatives are advised to retain counsel throughout the asset administration process to ensure that the decedent’s wishes regarding property distribution are carried out to the fullest possible extent.
Losing a loved one is difficult and stressful. Working with an understanding and experienced probate attorney will go a long way towards making the estate administration process as easy and painless as possible. If you’re in need of advice or counsel, the legal team at Pollack Pollack & Kogan is here to help. To consult with one of our attorneys, please contact Pollack Pollack & Kogan by email at info@PPKfirm.com or call 305-373-9676