When Florida probate law says you can use Summary Administration (rather than Formal Probate Administration), does Summary Administration apply:
a.) when the total amount of your all your property is less than $75,000, or…
b.) when the net remaining amount of your property is less than $75,000, if all other property is covered in a Living Trust or in Transfer-on-Death documents?
B is the closest to correct answer. If the decedent owned property valued at $75,000 or less, and the property was not titled jointly, no beneficiary designated upon death or in trust, then the estate would qualify for summary administration. If the death occurs more than 2 years ago, then summary works no matter the value of the assets.
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$75,000 value of gross PROBATABLE assets. This would not include Trust or TOD property; however if it's a $250,000 house with a $175,000 mortgage on it, the value is not $75,000.
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Estate Planning Attorney
As explained by the previous answers, summary administration is available if the assets subject to probate are worth less than $75,000. Additionally, if the decedent passed away less than two years ago, it is important that there are no known creditors of the estate. If there are no known creditors and it has been less than two years since the decedent died, it will still be necessary to publish a notice to creditors in the newspaper. If any creditors file a claim within three months of the first date of that publication, you will have to convert to a formal administration. Feel free to call my office for a free 15 minute phone conversation to help determine how you should proceed.