When a loved one passes, starting the probate process can seem like a daunting task. You may hear the terms “formal administration” or “summary administration” and not know what they mean or what the difference is.
In layman’s terms, a formal administration is a full administration of the estate. Generally, you need to do a formal administration when the estate’s assets are greater than $75,000 excluding homestead property (basically the descendant’s primary residence) or when required in the Last Will and Testament. A formal administration takes more time, around six months to more than a year to complete, and cost more than a summary administration.
A summary administration is generally faster and less expensive than a formal administration. If the estate is less than $75,000 excluding homestead property or the descendant has been dead for more than two years, a summary administration might be a better option.
However, even if the estate qualifies for summary administration, there are times it is not a better option, such as:
To discover the best probate method for your circumstances, please contact one of our attorneys today.