How Much is a Small Estate in Boca Raton, Florida, in 2023?
Welcome to Morgan Legal Group’s guide on small estates in Boca Raton, Florida, for the year 2023. This comprehensive legal resource will provide detailed insights into the regulations, requirements, and costs associated with small estates in Boca Raton, Florida.
Introduction to Small Estates
Small estates, also known as “summary administration” in Florida, offer a simplified probate process for handling the assets of a deceased individual. This streamlined procedure is designed to be quicker and less expensive than regular probate, making it an attractive option for many families.
In Boca Raton, Florida, the value of an estate determines whether it qualifies as a small estate eligible for summary administration. As of 2023, an estate is considered a small estate if the total value of the probate assets, excluding exempt property and assets exempt from the claims of creditors, does not exceed $75,000.
It’s essential to understand what constitutes probate assets when calculating the value of an estate. Probate assets typically include real estate solely owned by the decedent, bank accounts and financial investments held solely by the decedent, personal property that does not have a designated beneficiary, and any other assets that do not pass automatically to a surviving joint owner or beneficiary.
Legal Costs and Fees
One of the advantages of summary administration is its cost-effectiveness compared to formal probate. The legal costs and fees are typically lower in a small estate due to the simplified process.
While the exact costs can vary based on specific circumstances, it’s common for small estates to incur fewer legal fees and expenses than larger, more complex estates. This can be a significant relief for families who may already be dealing with the emotional and practical challenges of losing a loved one.
Conclusion
In summary, understanding the requirements and costs associated with small estates in Boca Raton, Florida, in 2023 is crucial for individuals and families dealing with the probate process. If you have questions or need legal assistance, Morgan Legal Group is here to help. Our experienced attorneys can provide expert guidance and support throughout the estate administration.
For more information or to schedule a consultation, please get in touch with us.
