Estate administration is a big concern for many of our Florida neighbors who are working on an estate plan. Some of our readers might not realize that not all estates require the estate to go through the formal proceedings. The estates that don’t are classified as small estates. Certain conditions have to be met for an estate to qualify as a small estate.
One thing that matters is the value of the property that is exempted from the claims that creditors might make against the estate. The person can leave behind some items, such as furniture, appliances and other items in the person’s home that value up to a total of $10,000. This doesn’t include automobiles. An automobile is in the decedent’s name and was used as a personal vehicle by the decedent or is being used as a personal automobile for an immediate family member meets the criteria for automobiles under the small estate code.
When it comes to nonexempt property, the value of the property can’t exceed the amount of preferred funeral expense and the amount of reasonable and necessary medical bills accumulated during the decedent’s last 60 days. If the nonexempt property doesn’t exceed the value of those two factors, the estate meets the criteria for the nonexempt property for a small estate.
In order to handle an estate in this manner, disposition of personal property without administration must be filed with the appropriate court. There are several things that have to be submitted with the form, so finding out what you need to send is vital to ensure you handle things the proper way.
Source: Pasco County Clerk & Comptroller, “Disposition of Personal Property Without Administration” accessed Mar. 19, 2015