If you are a foreigner who owns assets in Florida, you may wonder: Will these assets have to go through Florida probate when you pass away? Will your heirs be able to inherit them without any hassle? Will your loved ones have to pay taxes or fees to the state of Florida?
These are some of the questions that we can help you answer.
Below, we will explain what probate is, how it works, and how it affects the assets you own in Florida if you are a foreigner.
What is Probate?
Probate is the court-supervised process of identifying, gathering, and distributing the assets of a deceased person (called the decedent) to his or her beneficiaries.Ā
Probate is necessary to transfer the ownership of the decedentās assets to the living people who are legally entitled to receive them. It also ensures that the decedentās debts and taxes are paid before the assets are distributed.
What Assets Go Through Probate in Florida?
In Florida, only probate assetsāwhich are assets owned by the decedent in his or her sole name at deathāare subject to probate.
Examples of probate assets include:
- A bank account or investment account in the sole name of the decedent
- A life insurance policy, annuity contract, or individual retirement account payable to the decedentās estate
- Real estate titled in the sole name of the decedent
Examples of non-probate assetsāwhich pass directly to a beneficiary or a co-owner without probateāinclude:
- A bank account or investment account owned by the decedent and payable on death or transferable on death to another person
- A life insurance policy, annuity contract, or individual retirement account payable to a specific beneficiary
- Real estate titled in the name of the decedent and one or more other persons as joint tenants with rights of survivorship or as tenants by the entirety
How Does Probate Work in Florida?
There are two types of probate administration in Florida: formal administration and summary administration.
- Formal administration is the most common and comprehensive type of probate.
- Summary administration is a simplified and expedited type of probate, which applies to estates that are worth less than $75,000 or to estates of decedents who have been dead for more than two years.
The probate process in Florida generally involves the following steps:
- Filing a petition for administration with the probate court in the county where the decedent was domiciled or where the decedent owned property
- Appointing a personal representative (also called an executor or administrator) to administer the estate
- Publishing a notice to creditors in a local newspaper and notifying all known creditors
- Identifying, inventorying, and appraising the probate assets
- Paying the estateās debts and taxes
- Distributing the remaining assets to the beneficiaries according to the decedentās will or Floridaās intestacy laws, if there is no will
What is Ancillary Probate?
One of the main challenges that arise when a foreigner dies owning property in Florida is that the property must go through a special type of probate process called ancillary probate. This is a separate probate process that is required only for the property located in Florida.
For example, if a foreigner who lived in Mexico owned a condo in Miami, the condo would have to go through ancillary probate in Florida in addition to the regular probate process in Mexico.
This means that the heirs would have to deal with two different legal systems, two different sets of laws, and two different sets of fees and taxes. This can be time-consuming, costly, and stressful for the heirs.
The ancillary probate process is similar to the formal administration process, which is the most common type of probate in Florida.
Navigating the Florida Probate Process is Easy When You Work with Experts
At Jurado & Associates, P.A., we have the knowledge, experience, and dedication to handle your Florida probate case with professionalism and efficiency. We understand the challenges and complexities that foreigners face when dealing with probate, and we are committed to providing you with personalized and effective legal solutions.
We can assist you with:
- Preparing and filing the probate petitions and documents
- Obtaining the appointment of a personal representative
- Identifying and valuing the probate assets
- Paying the estateās debts and taxes
- Distributing the assets to the beneficiaries
- Closing the estate
Contact us today to schedule a consultation and find out how we can help you with your Florida probate case. You can reach us by phone at (305) 921-0976, by email at [email protected], or by WhatsApp at +1 (305) 921-0976. We look forward to hearing from you and helping you with your legal needs.
