The closing of the estate signifies the end of the probate process and involves the discharge of the personal representative, aka executor. It is prudent to always obtain an order of discharge in order to cut off any potential liability associated with the personal representative or the attorney on record for the estate. Every county has slightly different procedures or requirements for closing an estate. The final pleadings involved in closing an estate will be a petition for discharge, a final accounting and a statement regarding creditors. The final accounting will identify any assets coming into the estate, any and all expenses associated with the administration, as well as any increase and decrease in the value of assets. The final accounting will be served via formal notice on all residual beneficiaries, unless the beneficiaries execute a waiver and consent to the discharge of the personal representative, specifically waiving the right to receive a final accounting. In the event there are unpaid creditors of the estate, the final accounting will also be served on those creditors, often informing them that the estate is insolvent. The petition for discharge will typically include a proposed plan of distribution of estate assets according to the provisions of the Last Will and Testament, or intestate statutes. In order to expedite the closing process, most estate beneficiaries receive some type of informal accounting of what assets are left in the estate after the payment of administrative expenses, such as attorney’s fees, and will execute a full waiver to consenting to closing the estate. The waivers are very common since they allow the beneficiaries to receive their inheritance without further delay.
For detailed guidance on how to navigate the complex process of closing an estate and to ensure all legal and procedural requirements are met, contact the Florida Probate Law Firm. Our expert team is well-equipped to handle these sensitive matters with the utmost professionalism and efficiency. Give us a call at (954) 833-5639 today. We are here to provide comprehensive support to simplify the probate process for our clients.
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