What is Probate and How Does It Impact Real Estate?


Whether or not a deceased has a Will, as a general matter any property solely titled in the name of the decedent will need to go through a legal process known as probate.  

According to a 2022 Wills and Estate Planning Study conducted by Caring.com, 2 out of 3 adults in the United States do not currently have a proper estate planning documents like a will or living trust.  This spans across all income levels as a number of celebrities have died without a which include Aretha Franklin, Prince, Bob Marley and Sonny Bono.

The study also include than over half of adult Americans think estate planning is important but approximately one third of respondents feel that they don’t have sufficient assets to leave behind.

To see all the details of this survey by Caring.com, please click here.

What is Probate?

According to www.FLCOURTS.org, probate is a “court supervised process for identifying and gathering the assets of a deceased person (decedent), paying the decedent’s debts, and distributing the decedent’s assets to his or her beneficiaries”.

In Florida Law there are two types of probate administration which are as follows:

  • Formal Administration
  • Summary Administration

Formal Administration is typically the most traditional type of probate in Florida and is required in Florida when non-exempt assets exceed $75,000 (also within two years of the date of death).  During this process a Personal Representative or “PR” (some other states refer to the Personal Representative as an Executor) is appointed by a judge and will be responsible for gathering the assets of the estate, pay all creditors and distribute the remaining proceeds to the beneficiaries.  

The Summary Administration process is a more shortened process and traditionally used when the size of the estate is less than $75,000 and there are few creditors.  There is also a process called “Disposition of Personal Property Without Administration” which is a non-court supervised process.  Florida Law requires legal representation for a Formal Administration (you must use an attorney licensed to practice in Florida). 

It is highly recommended to seek qualified legal council before moving forward with any Probate process.

What are Probate Assets?  

As mentioned, probate assets are typically in the sole name of the deceased person or have other owners but lack a provision for automatic change of owner upon death (ie. beneficiary designation).

  • Cash and Bank Accounts 
  • Stocks, Bonds and Investment Accounts
  • Certain Life insurance, annuities and retirement accounts
  • Real estate (individually owned or as tenants in common, unless a homestead property)

Since a home or other real property frequently represents the vast majority of the estate, and with real estate assets not immediately salable like stocks and bonds, great care is needed by the PR when deciding how best to proceed.

To learn more about your options, please read our article on  WHAT TO DO WHEN YOU INHERIT A HOME OR OTHER REAL ESTATE.

Probate Real Estate

Once the probate process is completed, the home or other real estate is now in a state where it can be sold to a third party unless a court order has been provided to sell the property during the probate process. 

Depending on your time frame and upon advice of your attorney, it is possible that the property can be properly prepared for marketing and offered for sale on the open market.

As a Certified Probate Real Estate Specialist (CPRES), we have knowledge of the probate process as well as the experience to get your property properly prepared for sale and sold for maximum value. 

Some of the resources that are complimentary with our services include:

  • Coordinating of moving, storage and estate sale services
  • Addressing any health, life & safety issues
  • Property clean up and debris removal
  • Extensive referral network of service providers including attorneys, repair & maintenance vendors, estate sale services and appraisers (real estate, art and jewelry).

About Quantum Realty Advisors, Inc.

Our firm differs from “traditional” real estate companies as we specialize in working not only with individuals and families but with professional advisors including attorneys, accountants, investment managers, professional guardians, corporate trust officers and financial institutions to assist their clients with all their real estate needs.

The top three reasons to work with our team:

  • HONESTY, INTEGRITY AND TRUST.   In the last 10 years, more than 80% of our business comes from referrals or repeat clients showing that we develop trustworthy relationships with our clients.
  • EXPERIENCE.  Having successfully closed more than 2,000 real estate transactions, we know what it takes to get the job done properly, and in a timely manner.
  • WE GET MAXIMUM VALUE FOR OUR CLIENTS. While most real estate professionals say they get the best price for their clients, there is little that can prove that claim.  However, based on a study of home sales from 2012 to 2019 where an independent appraisal was conducted in advance, we achieved an average of 104.5% of appraisal value on more than 350 residential property sales.

Our team has  assisted sellers not only throughout the State of Florida, but in most major markets nationwide.  We take a highly methodical and deliberate approach when working with or clients and have specific strategies to help get the best value for the property.

To learn more about how we help our clients get the best possible price for their property, visiting our web site at www.QuantumRealtyAdvisors.com or contact us at info@quantumcos.com.

Quantum Realty Advisors, Inc.

Quantum specializes in the management & sale of inherited property and probate real estate. For more than 20 years we have assisted not only to traditional individuals and families, but to attorneys, trust & estate managers and several of the world’s best know financial institutions.

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