Can A Will Alone Help Your Family Avoid Probate?

Most people know that drafting a last will and testament is important. Your will has many functions. You can name a guardian for your minor children, name the beneficiaries you would like to receive your property after you pass away, and state your other last wishes. Your will is very important and for many people, it acts as the foundation of their estate plan. Still, contrary to what many people believe, your will is not enough to help your family members avoid the probate process when you pass away. Below, our Daytona Beach wills and trusts lawyer explains further.

What Does a Last Will and Testament Do? 

Your last will and testament has many different purposes. However, it is unlikely that a will alone can help your loved ones avoid the probate process. In fact, the first step during probate is to ‘prove,’ or verify the will. After validating the will, the probate court will oversee the administration of the estate and make sure the provisions in the will are followed. While a will alone does not help your family members avoid probate, it can streamline the process and make it much simpler.

Can a Trust Help Your Loved Ones Avoid Probate? 

While last will and testaments are not enough on their own to help your family members avoid probate, creating a trust can. Trusts are legal documents into which property is placed and is then protected from the probate process. By drafting a revocable trust, you can manage your property and sell it, gift it, or transfer ownership of it. Property within trusts are generally exempt from the probate process because they are separate entities from the person who created it. However, it is critical that you place all property within your trust. If you do not, any property that is not placed in the trust is subject to probate.

Consistency is Key 

To ensure that their loved ones are fully protected, many people choose to draft a will as well as a trust. Both of these are important legal documents and can help your family members avoid the probate process. While drafting a trust and will can be beneficial, it is critical to make sure that the information in both documents is consistent. If there are any discrepancies between them, they may both have to pass through probate to resolve any differences. This is a mistake that is costly and time-consuming, but it is easily avoidable.

Our Wills and Trusts Lawyer in Daytona Beach Can Help You Prepare a Comprehensive Plan 

While a last will and testament is not enough to help your family members avoid probate, there are many ways you can protect your loved ones. At Bundza & Rodriguez, our Daytona Beach wills and trusts lawyer can explain what those are and prepare the necessary documents that will protect your loved ones. Call us today at 386-252-5170 or chat with us online to schedule a free consultation with our experienced attorney and to get more information.

Sources:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html