When bank employees ask for Letters of Administration, they may not know whether they really need them. Let's face it; probate law is not their area of expertise. It is a subject best suited for estate planning attorneys in Fort Meyers.
Although LOAs truly may be necessary in some cases, that may not be the case with smaller estates. Perhaps the bank employee who asked for LOAs is just following bank protocol. Of course, this does not help you at all if the family breadwinner just died, and you need access to his or her accounts to pay for funeral and burial expenses.
Making Sense of Florida Probate and Letters of Administration
When you’re in the middle of this situation, it may be possible that bank employees and life insurance representatives do not understand Florida probate. While Letters of Administration are issued in formal probate, Summary Administration orders are typically sufficient for distributing bank funds. Therefore, it would be a good idea to speak with estate planning attorneys in Fort Myers before making any decisions. Know that Summary Administration:
- · is a form of probate administration;
- · is far less expensive than Letters of Administration; and
- · is quicker and more deliberate than LOAs.
Florida's Summary Administration is the rough equivalent of small estate administration in other parts of the country.
Eligibility for Summary Administration in Florida
Determining whether an estate meets eligibility requirements for Summary Administration depends on the kind of assets involved and whether they exceed a certain value.
Generally, non-exempt assets that qualify for Summary Administration must not exceed $75,000, or more than 2 years must have passed since the date of the deceased's death.
To get a thorough understanding of Letters of Administration, Summary Administration or any estate planning concerns you may have, make an appointment to speak with one of our attorneys, who can provide timely legal guidance.
Help from Estate Planning Attorneys in Fort Myers is Just a Phone Call Away
Fort Myers estate planning attorney Matthew A. Linde understands firsthand the importance of careful estate planning and the complexities of financial legal matters, such as probate, tax litigation and guardianship. For help with your probate concerns, contact our Fort Myers office to schedule a one-on-one meeting with a professional who can answer your questions – 1-239-939-7100 or 1-844-764-5492.