The average time it takes to administer and wind up and close a Miami probate estate is between 6 to 12 months depending on the size of the estate and whether it is exempt from paying estate taxes. If the estate is valued at more than $5,120,000 during 2012, the estate must pay federal estate taxes and file a federal estate tax return. As of January 1, 2013, the federal estate tax exemption is going to be decreased to $1,000,000, unless Congress extends the current exemption prior to the expiration date of December 31, 2012. It can take up to two years for the IRS to review and sign off on an estate tax return.
Administrating an estate takes time and sometimes special expertise. A personal representative may not be able to take care of all the matters on their own or may not be qualified to handle certain estate matters. A Miami probate and estate attorney can help the personal representative expedite routine estate matters and assist with defense against any beneficiary challenges, creditor challenges or other litigation and adversary matters in connection with a will contest or claim against the estate.
Having a knowledgeable and experienced Miami probate and estate attorney either acting as the personal representative of the estate or assisting the personal representative with the following tasks can save the estate time and money and ensure that the estate is handled in accordance with Florida probate laws:
Getting the Will Admitted
Getting a will admitted to the Miami-Dade Probate Court is not always that easy. The attorney can help review the will making sure that the will meets the statutory requirements of a valid will under FS 732.52 so that it will be admitted and the probate can proceed within the normal timeline.
Reviewing Creditors’ Claims
The executor must review and either approve or deny creditor’s claims. The attorney can be helpful in reviewing the claims and advising the personal representative which claims are valid and which should be denied.
Locating assets and making an accounting is part of the tasks required to be completed in connection with the management of a Miami estate. The attorney can assist the personal representative/executor with these duties.
Distributing Assets to beneficiaries
Once the assets have been located, an accounting has been made, claims have been paid, it is now time to distribute the assets to the beneficiaries. An attorney can help the administrator with the distribution of assets making sure that the beneficiaries receive their rightful inheritances.
Closing the Estate
When it is time to wind up and close the estate, the attorney can handle this for the personal representative ensuring that the estate is closed in a timely and efficient manner.
If you are personal representative of an estate, or you are beneficiary or other interested party that wants to make a claim against a Miami estate, it is recommended that you consult with a Miami probate and estate attorney to assist you with estate matters and claims.
If you wish to speak to a Miami estate attorney, call the Law Offices of Albert Gurevich at (786) 522-1411.