What is a final account for an estate?

The final accounting is a form filed with the court that summarizes the financial changes since the initial inventory. It won't list every transaction, although such records need to be kept, in case any questions arise.

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Sample Letter for Closing of Estate

Broward Florida Sample Letter for Closing of Estate

Name: Broward Florida Sample Letter for Closing of Estate
Brand: US Legal Forms
Rating: 4.62 (210 reviews)

Category:

Letters - Legal - Estates

State:

Multi-State

County:

Broward

Control #:

US-0558LTR

Format:

Instant download

Description

This form is a sample letter in Word format covering the subject matter of the title of the form.

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Do all estates require probate? All estates do not go through probate in Florida. If a person passes away without a will or trust and has assets in their name ONLY, then probate is required to distribute property and monies.

To close the estate, the Florida probate attorney will file a petition with the court. The petition lets the probate judge know that all necessary steps have been taken and the estate is ready to be closed. Sometimes the probate judge will request additional information from the probate attorney.

The formal probate administration usually takes 6-9 months under most circumstances - start to finish. This process includes appointing a personal representative (i.e., the "executor"), a 90 days creditor's period that must run, payment of creditor's claims and more.

Since every estate is different, the time it takes to settle the estate may also differ. Most times, an executor would take 8 to 12 months. But depending on the size and complexity of the estate, it may take up to 2 years or more to settle the estate.

In Florida, a formal probate for a simple estate takes a minimum of three months because the personal representative must give creditors 90 days to file claims against the estate after notice is published in the newspaper and sent to known creditors.

The final accounting is a form filed with the court that summarizes the financial changes since the initial inventory. It won't list every transaction, although such records need to be kept, in case any questions arise.

A note about wills: Whether or not probate will be necessary, Florida law requires that anyone who has possession of a will must file it with the local circuit court within 10 days of learning of the death.

The Personal Representative must complete specific steps to close the probate estate, including filing a Final Account, Report, and Petition for Final Distribution; setting the petition for hearing; giving notice of the hearing; and obtaining a court order approving the final distribution.

Most assets can be distributed by preparing a new deed, changing the account title, or by giving the person a deed of distribution. For example: To transfer a bank account to a beneficiary, you will need to provide the bank with a death certificate and letters of administration.

Even with formal administration, most estates are resolved within 18 months. However, all claims against an estate must be filed within 2 years of the person's death.

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Handling creditor claims, and closing the estate. In Florida, there are three ways to settle an estate.Formal administration will take at a minimum 6 months in order to be able to close out the estate administration. Real estate agents play a significant role in a Florida real estate transaction. Do not mail to the Florida Department of Revenue. Advertise your legal notice in a Broward County newspaper. Estate administrators will have to request the closing letter. Employment letter requests are processed in the order in which they are received. The term probate court is a common term loosely referring to the probate division located within a state or county courthouse. For example: If you buy a taxable item in Florida and did not pay sales tax, you owe use tax.

Broward Florida Sample Letter for Closing of Estate

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Do all estates have to go through probate in Florida?

How do I close an estate in Florida?

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Is there a time limit on settling an estate in Florida?

What is a final account for an estate?

How long do you have to file a will after death in Florida?

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How is money distributed from an estate?

How long does an executor have to settle an estate Florida?

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