Posts tagged "claims"

Resolving Creditor Claims in Florida Probate

When a Florida resident dies and owes creditors (such a credit card balances or medical bills), Florida probate procedures establish a mechanism to resolve those creditor claims. The process starts by having the Personal Representative of the estate sign a document called a "Notice to Creditors." The Notice informs creditors of the pendency of the probate estate and of the deadline for filing a creditor claim in the probate.  

Under Florida probate law, is there a statute of limitations for a claim against the decedent or the decedent's estate?

In addition to the time frame set forth in Florida's non-claim statute (contained in Section 733.702 of Florida Statutes), the Florida Probate Code establishes a two-year statute of limitations for asserting claims against the decedent and the decedent's probate estate.

In a Florida probate, what if the available assets are insufficient to pay all eight classes of claims?

The eight classes of obligations in a probate estate are paid, beginning with class 1 and proceeding downward . Each class must paid in full before proceeding to the next class. 

In Florida, what is the order of payment of claims against a probate estate?

When determining the order of payment, a Personal Representative of a Florida probate estate must look at eight classes of claims. Each class of claims is paid in descending order before progressing to the next class.

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