In order to close a probate estate, the personal representative must prepare a document listing events that have occurred after collecting assets on the initial inventory. This final accounting should include funds received, expenses paid, distributions made, and documents any sale of estate assets during the probate administration.
There are several factors to consider before an estate can be closed:
The creditors’ claims period must have expired. If a Notice to Creditors has been published for two consecutive weeks, an estate must allow three months from the date of the first publishing before closing. If the notice has not been published, then the statute of limitations allows 24 months from the date that the deceased person passed away for creditors to file a claim against the deceased person’s estate. No creditors may file a valid claim against the deceased person’s estate after 24 months from the date that the deceased person passed away. See Handling Creditors During the Probate Process to learn more.
Outstanding debts and taxes have been paid. All debts and taxes must be paid before distributing any assets to beneficiaries and heirs. If the deceased person’s estate does not have enough funds to satisfy all debts and taxes, all available funds must be distributed in the following order:
Costs of administering the probate
Funeral expenses (not to exceed $6,000)
Federal and state taxes
Medical and hospital expenses in the last 60 days of the deceased person’s last illness
Monies owed that should have been paid previously from court-ordered child support
Debts acquired after death by the continuation of the decedent’s business
All other debts
The final accounting and proposed plan of distribution has been filed. Once the estate has been administered and the remaining estate assets are ready for distribution, the personal representative must provide beneficiaries with a final accounting. This document shows all events that have occurred during the probate administration along with a proposed plan of distribution, illustrating the final amount to be distributed to each beneficiary. If all beneficiaries would like to avoid costs associated with preparing a final accounting, then the personal representative and beneficiaries can sign a waiver to eliminate this requirement.
Once the final accounting and proposed plan of distribution is filed with the court and no objections have been made—or if all beneficiaries have agreed to sign a waiver—then the court will issue an order formally discharging the personal representative and close the estate. Once the order closing the estate has been issued, the personal representative can proceed with distributing the estate’s assets as provided in the proposed plan of distribution.
For links to Florida statutes on inventories and accountings, and rules regarding distribution, discharge, and objections see our article: Florida Probate: What is the Final Accounting and Proposed Plan for Distribution?
If you’re looking for a probate attorney in Central Florida, we can help match you to local attorneys who are the best fit for your situation.
Provurb is not a law firm and we do not provide legal advice. Information contained in this blog is for the general education and knowledge of our readers. It is not designed to be, and should not be used as, the sole source of information when analyzing and resolving a legal problem, and it should not be substituted for legal advice. Moreover, the laws of each jurisdiction are different and are constantly changing. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. If you have specific questions regarding a particular fact situation, we urge you to consult with a probate attorney.