Four Ways To Avoid Probate In Florida
People enter into estate planning with a number of goals and one of them is often to help their loved ones avoid probate after they pass away. Probate is a very lengthy and expensive process and so, it is not surprising that people want to save their family members the time and effort. Below, our Daytona Beach estate administration lawyer outlines four ways to avoid the probate process in Florida.
What is Probate?
Probate is the process of settling a person’s estate after they pass away. The court oversees the administering of the estate and during the process the will is validated, debts are paid, and ultimately, assets are distributed among the beneficiaries. Probating even simple estates can take several months and complex estates will take much longer, often a year or more. It is mainly for this reason that people want to help their loved ones avoid probate, but there are others, as well.
Reasons to Avoid Probate
While probate is not inherently bad, there are many reasons people try to avoid the process. These are as follows:
- Faster asset distribution: Beneficiaries cannot receive any property left to them until the estate is settled and probate is closed. By avoiding probate, your loved ones can receive the inheritance you left for them much faster.
- More affordable: Probate incurs many fees and other costs. For example, if a creditor files a claim against the estate for unpaid debt incurred by the deceased, it must be paid through the estate, reducing the property remaining for your loved ones.
- Confidentiality: Probate court proceedings become a matter of public record, meaning anyone with some know-how can look up what happened. Alternatives to probate can keep personal and family information confidential.
- Easier processes: Your family will have to go through probate at a time when they are also grieving your loss. Helping them avoid it can ease their burden during this difficult time.
Four Steps to Avoid Probate in Florida
Fortunately, there are many ways to help your family avoid probate. These include:
- Establish a trust: Trusts are legal documents you transfer property into and manage during your lifetime. After you pass away, the successor trustee you have named will manage the trust according to your instructions and distribute the property within it to the appropriate beneficiaries. Trusts are separate legal entities from you and so, they are not subject to probate.
- Lady Bird deeds: A Lady Bird deed allows you to transfer ownership of real estate to the beneficiary named on the deed without court intervention.
- Payable-On-Death (POD) accounts: Bank accounts, certain investment accounts, and CDs allow you to use POD destinations. After you pass away, the funds in the account will automatically transfer to the beneficiary you have named.
- Joint ownership with right of survivorship: You can jointly own property with someone with a right of survivorship. The property then transfers to the other owner entirely after you pass away.
Our Estate Administration Lawyer in Daytona Beach Can Help You Avoid Probate
Before taking any of the steps to help your loved ones avoid probate, it is critical that you speak to a Daytona Beach estate administration lawyer. At Bundza & Rodriguez, our experienced attorney can advise on the steps to take and ensure you and your family are protected. Call us now at 386-252-5170 or contact us online to schedule a consultation and to get the legal help you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html
