People are afraid of probate! Probate is not the end of the world and most clients have a great misunderstanding of how probate offers you a wonderful benefit in Florida. There are different forms of probate in Florida: Summary Administration and Full Administration. The two forms of probate are used at different times and for different reasons but they are both equally effective in transferring the decedent’s assets to their rightful heirs. The probate process may be slow but it offers a great reward to the heirs of Florida homeowners.
Why is probate a good thing in Florida for homeowners? As an attorney, the one thing I can almost guarantee clients, with few exceptions, is that your primary residence (usually known as homestead property) will pass free and clear of any outstanding creditor obligations. Stated another way, if there is no mortgage on the homestead property, your heirs will inherit your homestead property and will not be forced to sell it to pay your outstanding creditors.
Probate does not avoid outstanding mortgages, as those debts are secured by the real estate. Homestead property with a mortgage can be refinanced or the mortgage is possibly assumable by the heirs. Your heirs must meet the Florida Statutory requirements in order to have the homestead protection and the court must sign an order finding that the real estate is protected under Florida’s Homestead laws.
No longer fear probate, as the end of the process is near and the benefits can be worth the wait. If you need experienced attorneys to navigate you through a Florida probate, look no further than the trusted Seminole, Florida probate attorneys at Rooth & Rooth. The process of probate may be foreign to you, but it is something our attorneys handle every day. Call our office today to schedule your probate conference and let our probate attorneys complete the asset transition for you. Call (727) 393-3471.