The average person does not want to go near a court when they are grieving the loss of a loved one.
But if you want to honor the wishes of a friend or family member who passed and protect your rights, engaging in a legal process such as probate to resolve their liabilities and distribute their assets may be necessary.
This is especially true if your loved one owned a business. The complexity of dealing with a business after its owner passes requires knowledgeable legal counsel.
A Sanford City probate attorney from BrewerLong can support you through all the challenges related to your loved one’s passing. We have decades of combined experience and can handle any probate matter you may face.
hat Is Probate?
Probate is the legal process of handling a deceased person’s estate, which includes gathering their assets, paying their debts, and distributing what remains to the rightful beneficiaries. The court oversees this process to ensure distribution of assets conforms with the law.
If the deceased person, also called the decedent, left a will, the court verifies it and follows its instructions. Interested parties can contest a will and make the court decide whether it is valid, which might add extra layers to a probate proceeding.
If there is no valid will, Florida’s intestate succession laws determine who inherits the estate. Under intestate succession laws, decedents’ assets typically go to their surviving spouses, children, or other family members.
Taking an Inventory of Assets
Before settling any part of your loved one’s estate, you must know what is in it. The estate’s personal representative must gather all of the decedent’s assets. The assets could include things like:
- Bank accounts,
- Real estate,
- Personal belongings, and
- Business interests.
Taking an inventory can take some time, and you may have to help with the process. When the inventory process is complete, the personal representative files an official list of all assets with the court.
Settling Your Loved One’s Debts and Tax Issues
Once the personal representative has an inventory, it is time to get the hard part out of the way: paying debts. You may want to share your loved one’s estate with only other loved ones, but you might also have to split the assets with creditors. The personal representative must also use estate assets to handle the estate’s tax liabilities.
To get started on the debt portion, the personal representative of the decedent’s estate must publish a notice of the probate in the newspaper. Additionally, the representative must search for potential creditors and serve them with the probate notice.
Anyone with a claim against your loved one’s estate typically has 3 months after the representative publishes notice or 30 days after they are served with notice to make a claim.
Distributing Your Loved One’s Assets
Once all debts and taxes are paid, the personal representative will distribute the remaining assets according to the will or Florida’s intestacy laws. This is when family members or other beneficiaries receive their inheritance.
Unfortunately, disputes during the probate process are not uncommon. Disputes can break out in multiple ways, including:
- Contesting some or all of the will,
- Fighting over what property is subject to distribution, and
- Disagreeing about who has a right to the decedent’s business interests.
The court may need to step in to resolve these disputes. We can support you in ensuring the court receives the correct information and hears the right arguments regarding your and your loved one’s rights.
Special Considerations for Business Owners
Probate is already complex, and the complexities pile up when the decedent owns a business. Not only might you have to fight with your loved one’s personal creditors, but you might also have to battle with their business creditors.
There could also be questions about who will carry on your loved one’s business. Our attorneys can review your loved one’s business agreements and state business laws to determine the best action for your needs.
If your loved one was a business owner who flinched at the idea of probate, they may have put some or all of their assets in a living trust to avoid the probate process. Living trust assets are not part of probate because they ceased to be the decedent’s property during the decedent’s life.
Our firm’s Sanford probate attorney can help you determine what should and should not be subject to probate from your loved one’s estate.
BrewerLong Is Here for It All
The probate process can be emotional and full of complex rules, but leaning on an experienced attorney can make it easier. Our probate attorneys at BrewerLong are award-winning advocates who are also well-versed in business and build strong relationships. You can contact us online or call us to schedule an appointment.