In Florida, there are two main procedures for probate - summary administration and formal administration. A probate estate is subject ot summary administration if the value of the assets subject to administration is less than $75,000 of non-exempt assets. A person's homestead is an exempt asset, so its value is not used in the determination to allow use of summary administration.
If you do not intend to sell the home for at least two years, then summary administration is satisfactory for the probate of a homestead. If you think you may want to sell within two years, then you probably will want to elect a formal administration, even though a summary administration is sufficient. The reason for choosing a formal administration is to allow creditor claims to be dealt with in the probate so that a title insurance company can issue a clean title insurance policy when the home is sold.
The filing fees and attorney's fees differ for formal administration and summary administration, as does the time needed for the completion of each. A formal administration typically requires 6 to 8 months, at best, to complete the probate process. A summary administration can be completed within a few weeks, typically. Total costs for a summary administration, esepcially if there is only one asset, that is the homestead, typically will be $2,000 to $5,000. For a formal administration, the cost of the probate will likely exceed $5,000. Fees will vay depending on the area of the state in whcih your mother was a resident, or by the county in which the property is located.
You should seek the counsel of an experienced probate attorney to handle this matter for you, since Florida law requires the assistance of a probate attorney when probating an estate with multiple beneficiaries.
Good luck.
Randy Coleman
Answered on Jan 15th, 2013 at 10:42 AM