How To Help Loved Ones Avoid Probate Litigation In Florida
Probate litigation incurs significant court costs, attorney fees, and other expenses. It can also create delays that last months, or even years, and beneficiaries cannot receive their inheritance until disputes are resolved. For these reasons, many people take great care when planning their estate to help their loved ones avoid disputes that can result in litigation. Below, our Daytona Beach probate litigation lawyer outlines the most effective ways to do it.
Establish a Revocable Trust
Revocable trusts are often the best way to avoid probate litigation. Trusts are private documents that form a separate legal entity from your estate. After establishing a trust you then place property into it, a process known as funding the trust. Upon your death, the revocable trust becomes irrevocable and because it is a separate entity, the property within it is not subject to probate. Trusts are harder to challenge than wills and due to the fact that they are not subject to probate, the contents within them remain confidential.
Review Your Beneficiary Designations
People sometimes overlook accounts that have transfer-on-death (TOD) or payable-on-death (POD) designations that entirely bypass the probate process. Beneficiary designations on these accounts override the provisions outlined in a will. If a will states something such as, “I wish to leave everything to my children,” but a life insurance policy still names a former spouse as the beneficiary, this can result in probate litigation. It is critical to maintain a list of accounts with beneficiary designations and to review them once a year to ensure they are still accurate and reflect your wishes.
Utilize Lady Bird Deeds
Florida law allows owners of real estate to draft a lady bird deed as part of their estate plan. With a lady bird deed, homeowners can retain control of their property during their lifetime but the property can easily and automatically be transferred to their heirs after they pass away. This bypasses the probate process and the potential for disputes regarding the title of the property.
Open Communication with Loved Ones
No-contest clauses are not enforced in Florida but being transparent with your loved ones can help them avoid probate litigation. You can do this with a letter of intent, which is a document given to your family members or personal representative. Within the letter of intent you can explain why you made certain decisions, such as if you left a larger inheritance to the person who acted as your caregiver.
Many people also choose to hold a family meeting. This can allow you to convey your wishes to your family members, answer their questions, and talk in an open and effective manner. This can help family members avoid any shock they may have otherwise experienced, which can reduce the chances of a retaliatory lawsuit after you pass away.
Work with Our Probate Litigation Lawyer in Daytona Beach
It is possible to avoid probate litigation but it is important to work with a Daytona Beach probate litigation lawyer who can advise you of your legal options. At Bundza & Rodriguez, our experienced attorney can execute the documents you need and ensure you have a comprehensive plan that will help your loved ones avoid litigation. Call us now at 386-252-5170 or contact us online to schedule a consultation and to get the legal advice you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html
