What To Expect During The Probate Process In Fort Myers

The probate process can be lengthy and confusing. In our latest post, learn more about what to expect when dealing with probate in Fort Myers.

If you are dealing with a probate property, you likely have a lot on your plate. Dealing with a loss of a loved one is hard enough, but settling their estate, handling their debts, and managing personal property is a giant undertaking. Every state has different rules regarding the probate process. Below, we will offer you a general idea of what to expect during the probate process in Fort Myers!

Validating the Will

Upon the existence of a will, it must undergo validation by the probate court. The court reviews its authenticity, typically through a petition filed with them. The probate proceedings take place in the jurisdiction where the deceased resided or owned property.

Executor Of The Estate

Typically, the departed will specify who they are leaving in charge as executor of their estate. If one is not listed, the court will appoint one. This will typically be the spouse or the child of the deceased. Whoever is named as the executor of the estate will become the legal representative in matters going forward.

Gathering of Assets

The executor of the estate bears the responsibility of compiling and identifying all assets belonging to the deceased, encompassing both tangible and intangible assets. This includes collectibles, bank accounts, bonds, and real estate, among other valuable items. In certain instances, an appraiser may be engaged to ascertain the “date of death” values of the assets. The court mandates a comprehensive inventory detailing all assets, their respective values, and the methodologies employed to determine these values.

Notifying Creditors

After someone passes away, their creditors will need to be notified. The creditors will then be able to make claims against the estate as needed. In most states, the executor must publish a notice of death, alerting any creditors what they were previously unaware of. The creditors will have a limited amount of time to file a claim against the estate.

Paying Debts

The executor of the estate must pay off any valid debts left behind by the deceased. This includes and creditors that have come forward with a claim as well as any final arrangement costs. There may also be medical bills and other outstanding items that will need to be resolved before any of the assets are distributed.

Handling Tax Returns

The executor of the estate must file the personal tax returns for the deceased for the year in which they passed. They will also need to pay any estate taxes that are due within about nine months of the deceased passing away. In some cases, assets from the estate will need to be liquidated in order to cover these taxes, thus depleting the value of the assets that are being distributed to the heirs.

Distributing Assets

After notifying all heirs, accounting for assets, informing creditors, and settling debts, the executor may proceed to distribute the remaining assets in accordance with the deceased’s will, upon approval from the court. In the event that any beneficiaries are minors, the executor must establish a trust until the minor reaches the age of legal ownership for the property.

Dealing with the probate process can be time-consuming, expensive, and stressful. By avoiding probate by selling your assets or giving them away will ensure fewer items are subject to the probate process.

Contact us to learn more about what to expect during the probate process in Fort Myers! 239-360-3176

Get More Real Estate Market Info... Subscribe Below!

Learn more about us and find other resources on buying investment properties with us. Like us, follow us, connect!

Access Local Florida Investment Property Deals...

Handyman Properties - Fixer Uppers - High Equity. *These are not on the MLS Available properties on the next page.
  • This field is for validation purposes and should be left unchanged.