Five Common Myths About Probate

The probate process is necessary after someone passes away, so the state can evaluate and distribute the property in their estate. There are many myths about the probate process and while it is stressful enough to go through, believing any of the common misconceptions can make it even more difficult. Below, our Daytona Beach probate lawyer outlines some of the biggest myths out there about probate, and the truth behind them.

Probate is Always an Expensive and Long Process 

Many people want to avoid probate because they do believe it is a long and expensive process. Fortunately, this is not always the case. When an estate is small and does not have any complicating factors, a simplified probate process may be available. The length of probate, and the costs associated with it, are dependent on the facts of any individual case.

Probate Only Applies to Large Estates 

Many people think that probate is only required when a person passes away and their estate is large, with many assets or significant wealth. Probate, though, applies to most states in Florida. While there are streamlined procedures for smaller estates, if there are probate assets in the estate, probate will be required regardless of the size of the estate.

All Property is Subject to Probate 

Not all property has to go through the probate process. Certain types of property, such as life insurance, assets held in a trust, and accounts with a transfer on death or payable on death designation are not subject to probate. These assets can directly transfer to the named beneficiaries, allowing them to receive their inheritance more quickly. It is important to speak to a Daytona Beach probate lawyer who can advise on how to protect certain property from the probate process.

Probate Gives Property to the State if There is No Will 

Probate is the process of administering the estate and distributing assets. However, assets are never taken by the state, even if there is no will. Instead, the probate court will distribute the property in the estate according to the intestate laws in Florida. There are very specific rules regarding the distribution of assets when there is no will. These rules may not align with your own wishes and so, it is important to create a will as soon as possible so your wishes are fulfilled.

Only Relatives Can Act as Personal Representative 

There are very specific rules in Florida about who can act as a personal representative. Still, nearly every adult in the state is qualified. The only people who are not are minors, convicted felons, and those who do not have the physical or mental capacity to take on the role. If your personal representative does not live in Florida, then they must be related to you through either blood or marriage.

Our Probate Lawyer in Daytona Beach Provides Sound Legal Counsel 

If your loved one has passed away, or you want to make things easier on your family members in the future, you need sound legal counsel. At Bundza & Rodriguez, our Daytona Beach probate lawyer can provide it so you know what to expect from the process and can move through it more easily. Call us now at 386-252-5170 or contact us online to schedule a consultation and to get more information.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html