When can I close the estate and distribute the assets?

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To start, letís understand what the probate process entails. Probate, or probate administration, is the process of retitling assets held in the sole name of the decedent, into the names of the appropriate beneficiaries, or alternatively the process of having the probate assets sold and the proceeds distributed among the appropriate beneficiaries. Probate occurs whenever there are assets held in the sole name of the decedent and those assets have no joint owners or designated beneficiaries. One common misconception is that probate will be required whether the decedent left a Will, or died without a Will. The probate process can unfortunately be time consuming and expensive. In Florida, all formal probate administrations must include a 90-day creditor period in which potential creditors can file claims against the estate. Due to this requirement formal probates at a minimum will remain open for approximately 4 months, but on average most probates will stay open anywhere from 7-9 months. Probate assets should never be distributed before the creditor period has expired and all creditor claims have been dealt with appropriately. All litigation against the estate should also be settled prior to any distributions. The procedure for closing the estate involves the creation of an inventory and a final accounting, which documents all administrative expenses accumulated via the probate process. The final accounting must be served on all beneficiaries via formal notice and each interested party will have 30 days to contest the accounting. If the beneficiaries are interested in expediting receipt of their share, they can each sign a waiver of the final accounting, consenting to the discharge of the personal representative.

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