Protecting Your Estate From The Costs Of Probate
After a person passes away, probate is often necessary. Probate is a legal process overseen by the probate courts that proves an individual’s will after they pass away, inventories the property in their estate, distributes assets to beneficiaries, and more. As with any legal process, there are certain costs and fees incurred during probate. Over time, these costs can add up, significantly depleting the assets within one’s estate. Below, our Daytona Beach probate avoidance lawyer explains how you can avoid the costs incurred during the process.
Probate Costs in Florida
The costs of probate depend on the size and complex nature of the property within the estate. In any case, though, these expenses can quickly add up. To initiate the process, filing fees must be paid to the court. These fees are typically between $300 and $400. It is also recommended that anyone going through probate works with an attorney, and this incurs additional legal fees.
Other probate costs can include appraisal fees when valuing assets, accounting fees, publication fees to notify beneficiaries and creditors, and in some instances, bond premiums if the probate court requires a bond for the personal representative. If a dispute arises, certain parties may have to enter litigation and these can significantly increase the cost of probate.
Typically, the costs of probate are taken from the estate. While this ensures beneficiaries and other interested parties are not paying the cost themselves, it also depletes the assets within the estate, meaning beneficiaries will receive less. This is particularly harmful for families with modest assets, as they may rely on the property within the estate. Beneficiaries also cannot receive any property until probate is closed, causing delays for them that may not be necessary.
Avoiding the Costs of Probate
The only way to avoid the costs incurred during probate is to help your family members avoid probate altogether. There are many estate planning tools that can help your estate, and your family, avoid the process. If you transfer property to a living trust, for example, the assets are no longer considered part of the estate and so, they are not subject to the probate process. Payable-on-death (POD) accounts, transfer-on-death (TOD) designations, and joint ownership with the right of survivorship are a few other tools that can ensure certain types of property avoid probate.
In addition to saving on the costs of probate, avoiding probate also allows your loved ones to receive their inheritance sooner, as they do not have to wait for probate to close. Your affairs will also remain private, unlike in probate, where everything that occurs becomes public record.
Our Probate Avoidance Lawyer in Daytona Beach Can Advise On Your Case
Probate is sometimes necessary but there are steps you can take to avoid it. At Bundza & Rodriguez, our Daytona Beach probate avoidance lawyer can advise on what those are and ensure the proper documents are executed properly so you can provide the protection your loved ones need. Call us today at 386-252-5170 or fill out our online form to request a consultation with our attorney and to learn more about how we can help with your case.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html
