Alex What happens to debt when you die in Florida?
When someone dies, their estate is responsible for paying off their debts. That means that debt collectors can go after bank accounts and other forms of savings and assets that the deceased individual owned to get the money they’re owed.
Who is responsible for debt after death in Florida?
If the decedent died intestate, or without a will, the circuit court in the county in which the decedent resided will appoint an administrator. The personal representative has a fiduciary responsibility to the estate.
Who are the heirs to a probate estate in Florida?
In that case, the decedent’s probate estate will pass to the decedent’s surviving parents, if they are living, otherwise to the decedent’s brothers and sisters. Florida’s intestate laws will pass the decedent’s probate estate to other, more remote heirs if the decedent is not survived by any of the close relatives described above.
How are assets divided in an estate in Florida?
The personal representative must make an inventory of all real and personal property owned by the decedent and pay the decedent’s debts out of the estate assets. When all affairs of the estate are settled, the remaining assets are divided among the heirs according to Florida’s laws of intestate succession.
What happens to the estate of an unmarried person in Florida?
If the unmarried decedent had no descendants, the estate passes to surviving parents. If the parents are also deceased, the estate passes to the decedent’s siblings. Under Florida law, if the decedent had no siblings, the estate passes to relatives with more remote degrees of kinship.
In that case, the decedent’s probate estate will pass to the decedent’s surviving parents, if they are living, otherwise to the decedent’s brothers and sisters. Florida’s intestate laws will pass the decedent’s probate estate to other, more remote heirs if the decedent is not survived by any of the close relatives described above.
If the decedent died intestate, or without a will, the circuit court in the county in which the decedent resided will appoint an administrator. The personal representative has a fiduciary responsibility to the estate.
What are the procedures for an estate in Florida?
Florida Estate Procedures. When the decedent owns property in his or her name alone, it is necessary to “probate” the estate. Probate is a process, overseen by the court, which identifies the decedent’s assets, pays necessary taxes and debts, and distributes property to beneficiaries.
How are assets distributed in probate in Florida?
In general, the decedent’s assets pay the probate proceeding’s cost, the decedent’s funeral expenses, then the decedent’s outstanding debts. The remainder of the assets is distributed to the decedent’s beneficiaries. You can find the Florida Probate Code in Chapters 731 through 735 of the Florida Statutes.