Disclaimer: This article provides general information and does not constitute legal advice. Consult a qualified attorney for guidance tailored to your situation.
Detailed Answer
Florida law permits distribution of a decedent’s personal property through a simplified small estate affidavit when the total value of nonexempt personal property does not exceed $75,000. This process, designed to avoid formal probate, is set forth in Fla. Stat. § 732.901 and following sections.
- Determine Eligibility: Calculate the total value of the decedent’s personal property, excluding exempt assets such as homestead property, life insurance proceeds, and motor vehicles. Ensure the remaining value is $75,000 or less (Fla. Stat. § 732.902).
- Identify Heirs or Beneficiaries: List all persons entitled to receive property under Florida intestacy laws or under the decedent’s will. For intestate estates, see Fla. Stat. § 732.104.
- Prepare the Affidavit: Draft an affidavit containing: the decedent’s name and date of death; a full description and value of each asset; the name and relationship of each heir or beneficiary; and a statement that the estate qualifies for small estate procedures.
- Sign and Notarize: The affiant (person presenting the affidavit) must sign under oath before a Florida notary public.
- Submit to Custodian: Deliver the affidavit to the institution holding the assets, such as a bank or brokerage. Under Fla. Stat. § 732.904, the custodian must release the property within three business days after receipt.
- Distribute Assets: Allocate and distribute each item of personal property according to the percentages or shares stated in the affidavit or by law. Keep clear records of transfers.
Helpful Hints
- Gather and verify documentation of asset values before drafting the affidavit.
- Confirm each heir’s legal name and current contact details.
- Provide all heirs with copies of the affidavit and distribution records.
- Discuss and record any agreements outside standard shares to prevent disputes.
- Consider consulting an attorney for estates with mixed real and personal property or contested claims.