Meet The Challenges Of Estate Administration And Probate
An estate must go through probate whenever there are assets in a decedent’s sole or individual name. If you have been nominated as personal representative of an estate, the Port Richey probate attorneys at Delzer, Coulter & Bell, P.A., can provide skilled assistance in obtaining your appointment as personal representative by the probate court and give you the advice and support needed to fulfill your administrative duties.
The Pasco County estate administration law firm offers probate services that other law offices do not typically provide, such as the preparation and filing of estate and income tax returns and the representation in real estate transactions for property sold during probate.
Your Duties In Probate
If you are named in a decedent’s will as a personal representative, you are responsible for seeing the estate through probate. You will likely need the assistance of an attorney with:
- Filing a petition for administration in the probate court
- Publishing and serving a notice to creditors
- Taking inventory of the estate
- Paying the estate’s debts and probate expenses
- Filing a U.S. estate tax return, if the estate is of substantial size
- Filing the decedent’s final income tax return and income tax returns for the estate
- Making an accounting of all financial transactions
- Paying creditors and obtaining satisfaction of claims for filing with the probate court
- Distributing assets to the beneficiaries
The firm’s Port Richey estate administration attorneys and experienced staff are hands-on, ready to help you carry out all of your duties with maximum efficiency.
Probate Costs
The cost of probate depends on the condition and complexity of the estate. Probate court costs and fees may include:
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Disputes may result in litigation, which can be expensive. There may also be estate taxes, depending on the size of the estate.
Estate Tax Obligations
Florida residents do not have state estate tax obligations, but your estate may still owe federal estate taxes. In addition to probate assets, property subject to estate tax at the time of death can include assets held in:
- Living trusts
- Transfer on death accounts
- Accounts held in joint ownership with rights of survivorship
- Life insurance
- 401(k) and other pension plans
It is advisable to reduce your taxable assets during your lifetime through strategic estate planning.
Let Board-Certified Specialists Assist With Your Estate Administration Duties
If you need help filing a petition for administration in Florida or are seeking immediate support in fulfilling your duties as the personal representative, the lawyers at Delzer, Coulter & Bell, P.A., can provide a consultation regarding your estate administration requirements.
Attorney Rebecca C. Bell is Florida board-certified in elder law and in wills, trusts and estates, and has a Master of Laws in Elder Law. Attorney Wayne R. Coulter is a Florida board-certified wills, trusts and estates attorney and a former attorney with the Internal Revenue Service Estate Tax Section. Their comprehensive knowledge of the legal landscape has empowered them to assist their clients with their unique estate administration and probate needs throughout Florida. To discuss your concerns in private, contact the office at 727-361-2894 today or use their online form to schedule an appointment.