Probate administration is the process supervised by the Florida circuit court during which a decedent’s estate is settled and distributed. There are multiple steps involved in the administration of an estate, including the appointment of a personal representative who is responsible for the day-to-day activities of managing the estate. One important step that the personal representative must complete is the inventorying of the decedent’s property. This step involves collecting and appraising all property that is part of the probate estate including the contents of safe deposit boxes. To learn more about inventorying estate assets, including the requirements of Florida Statutes, section 733.6065- Opening safe-deposit box, contact a skilled Fort Lauderdale estate administration lawyer at the Law Offices of Stephen Bilkis & Associates who understands the legal requirements of completing an estate inventory.
Inventorying Estate PropertyThe probate estate inventory process involves the truthful and accurate listing of the entirety of the deceased person’s belongings. This can include:
The purpose of the inventorying stage is to determine which assets the person owned. Thus, in addition to making a list of property in the decedent’s probate estate, the personal representative must also determine the value of the assets as of the date of the decedent’s death. As an experienced Fort Lauderdale estate administration attorney will explain, unless an inventory has been previously filed, the personal representative must file an inventory of the estate within 60 days after issuance of letters of administration. However, the personal representative has the right to petition the court for an extension.
Opening Safe-Deposit BoxSome of a decedent’s assets may be in a safe-deposit box. Items that are often stored in a safe-deposit include:
Under Florida Statutes, section 733.6065- Opening safe-deposit box there are specific rules related to accessing the safe deposit.
In addition, the personal representative is required to serve a copy of the inventory on the surviving spouse, each legal heir in an intestate estate, each residuary beneficiary in a testate estate, and any other interested person who may request it in writing such as a creditor.
Delivery of Contents of Safe-Deposit BoxThe bank or other institution holding a safe-deposit box leased by a decedent must deliver the contents of the safe-deposit box to the personal representative after the he (or she) presents a certified copy of his letters of administration.
Significance of InventoryInventorying the decedent’s estate is very important for the administration process. The personal representative and the court must know the value of the decedent’s estate as of the date of the decedent’s death in order to know how much is in the estate for paying debts and distribution to beneficiaries or heirs. If there are not enough assets in the estate to pay all debts, expenses, and claims, the personal representative must pay debts based on a statutory order of payment of expenses and obligations. For example, fees associated with the costs of administration are the top priority, funeral expenses are next, followed by debt and taxes with preference under federal law.
Also, as an estate administration attorney in Fort Lauderdale will explain, the personal representative’s commission is based on the value of the estate at the date of the decedent’s death, plus any income added over the course of administration. The Florida Probate Code provides that personal representative fees are to be based on a statutory schedule based on the value of estate assets as follows:
The estate administration attorneys serving Fort Lauderdale at the Law Offices of Stephen Bilkis & Associates have years of experience representing personal representatives, beneficiaries, heirs, and other parties in matters related to the administration of testate and intestate estates, estate disputes and litigation, and other estate matters. The process of inventorying the assets in an estate can be a major, complicated project, especially if there is a significant amount of property involved. If you have questions related to inventorying an estate, including the requirements of Florida Probate Code, section 733.6065- Opening safe-deposit box, we can help. Contact us attorneys at 561-710-4000 to schedule a free, no obligation consultation regarding your case.