Vocab Lesson 10 – Title to Real Property and Probate

Vocab Lesson 10 – Title to Real Property and Probate

While dealing with titles to real property in Florida, we are repeatedly challenged with the situation where the current or prior titleholder is deceased. If the deceased was a resident of Florida it is important to know the status of probate proceedings and contact the probate attorney. If a non-resident dies leaving real property in Florida, then ancillary administration must be opened in Florida.

A few definitions you will need to be familiar with are as follows:

1. Probate

– All procedures and legal acts necessary to determine the heirs or beneficiaries of the decedent.

2. Testate estate

– An estate where the decedent died with a valid will.

3. Intestate estate

– An estate or any part of an estate not disposed of in a valid will.

4. Will
probate property guiding
– A written instrument, executed with certain formalities, whereby a person makes a disposition of his property, real and personal, to take effect on upon the person’s death.

5. Personal Representative

– The name of the person appointed by the court authorized to administer the estate, whether testate or intestate.

6. Formal Administration

– Is the most common type of administration you will encounter and is generally used when an estate has considerable assets. With formal administration, the will, I f any, will be admitted to probate and a personal representative is appointed.

7. Summary Administration

– Is generally a more expedited form of administration. It is available for either a   resident or non-resident decedent if the value of the property is exempt from claims of creditors, i.e., homestead; (1) does not exceed $75,000.00; or (2) an estate of any size if the decedent has been dead for more than 2 years.

8. Ancillary Administration

– Is required when a non-resident dies leaving real property in Florida.

Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties. Employees of Title Junction can also act as a witness in courtesy closings as well as an escrow agent or a notary public.

Please contact Jennifer Ferri of Title Junction, LLC for further information @ 239-415-6574 or www.title-junction.com

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Posted on July 26, 2013, in Title and tagged , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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