Can You Reopen An Estate If New Assets Are Discovered After It’s Closed?
It is not uncommon for additional assets to be discovered after an estate is closed. But can you reopen an estate that was closed if new assets are discovered after the closing? In Florida, courts may consider to re-open an asset for any assets that were hidden or not otherwise uncovered during the original probate administration.
How to Reopen a Closed Estate in Florida?
Generally, you cannot reopen a closed estate unless it meets certain requirements. One of the requirements is proving that additional assets have been discovered after the estate was closed. The process of re-opening an estate is called the Subsequent Administration process. Florida Probate Rule 5.460 sets forth how you can petition a Florida court to reopen a closed estate after hidden assets are uncovered.
How to Reopen a Closed Estate for Further Administration?
If someone discovers additional assets after an estate is closed, any interested party can petition the court for further administration. An interested party is any person or entity who might have a valid claim against the estate, including heirs and creditors.
In order to reopen a closed estate, an interested party will have to file a petition for further administration. The petition must contain the following information:
- The petitioner’s name
- The petitioner’s address
- The petitioner’s alleged interest in the estate
- The reason why it is necessary to reopen a closed estate
- The type and description of the discovered asset
- The value of the discovered asset
- The location of the discovered asset
Once the petition for further administration is submitted, the court will review the petition to consider whether or not to reopen the closed estate. Once further administration is approved, the court may enter any orders deemed appropriate.
It is highly recommended to discuss your case with a skilled attorney to determine how you can reopen a closed estate. At Legacy Protection Lawyers, LLP, our knowledgeable attorneys are committed to helping you understand the subsequent administration process. If necessary, we will help you reopen a closed estate if new assets are uncovered. Schedule a consultation with our estate planning attorneys by calling 727-471-5868.