Florida Summary Administration

Summary administration in Florida is a simplified process that provides a cheaper and quicker way to wind up a deceased person’s assets compared to formal probate. In order to file summary administration, (1) the value of the person’s property must be under $75,000, (2) the person must have been dead for over two years, or (3) the person only owned a homestead, no matter the value. If there are known creditors, then summary administration cannot be filed unless all creditors will be paid.

Summary probate rules and procedures are set forth in Chapter 735 of Florida law. Summary probate can be compared to a small claims case in civil matters. Summary probate does not require the appointment of a personal representative. Summary probate involves preparing and filing a short summary probate petition accompanied by an affidavit that there are no creditors who could file a claim against the decedent or their estate.

Summary Administration Process in Florida

In Florida, there are 5 steps to summary probate:

1. File the petition for summary administration.
2. With the petition, apply for the homestead exemption
3. Amend any documents to include payment for creditors.
4. Request an order to distribute property to beneficiaries.
5. Provide a copy of the order to any financial institution holding assets of the deceased.

The entire summary administration process in Florida takes only a few months. In contrast, formal administration takes at least 6 months. A summary administration skips most of the formal administration steps, making it a quicker and cheaper alternative to formal administration.

Small Estate Affidavit

In some states, a small estate affidavit is a simple form that allows a person to claim a decedent’s property without going through probate. Florida does not have a small estate affidavit process. Instead, small estates must use Florida summary administration rules.

A brokerage company may request a small estate affidavit when a decedent’s retirement account or life insurance policy did not have any listed beneficiaries.

Cost of Summary Administration in Florida

A summary administration in Florida costs roughly $450 in third-party costs, which includes filing fees and miscellaneous costs. An attorney handling the summary administration will typically charge between $2,000 and $3,000.

Advantages of Florida Summary Administration

The advantages of summary probate in Florida include:

• Less expensive.
• Quicker than formal probate.
• The court process is easier to understand.
• Can cover estates where the only asset was the family home.

Disadvantages of Summary Administration

The disadvantages of summary administration are:

• There is no formal inventory of assets, so it is up to the surviving family members to account for everything.
• If the estate value is more than $75,000, then summary administration requires a two-year wait.
• No personal representative to handle creditor claims.