Three Ways To Avoid Probate In Florida

Probate is a process that administers a person’s estate after they pass away. It is a court-supervised process that can be expensive, time-consuming, and stressful. Although it is not always possible to avoid probate, there are some steps people can take during estate planning to help their loved ones avoid it after they pass away. Below, our Daytona Beach avoiding probate lawyer outlines three of the most effective.

Establish a Revocable Trust 

A revocable trust is one of the best ways to help loved ones avoid probate. Revocable trusts are separate legal entities from your estate and so, they are not subject to the probate process. During your lifetime you can name yourself as the trustee and retain control over the assets. You can also designate a successor trustee who will take control of the trust after you pass away and distribute the property according to the instructions you have left.

It is important to make sure that all relevant assets are titled in the name of the trust. Any property that is not in the trust may still have to go through probate. After you pass away, a revocable trust will likely become an irrevocable trust, meaning the assets within it are also shielded from creditors and others, protecting your loved ones’ inheritance.

Designate Beneficiaries 

Many financial accounts, such as retirement accounts, life insurance policies, and bank accounts allow you to directly designate beneficiaries. Beneficiary designations typically take priority over the contents of a will. After you pass away, the property is then distributed directly to the beneficiaries without the need for probate.

It is critical that you review your beneficiary designations regularly to ensure that they still reflect your current wishes. This is particularly true after significant life events such as the birth of a child or a marriage.

Joint Ownership with Right of Survivorship 

Jointly owning property with a right of survivorship is another effective way to avoid probate. With this type of arrangement, if one of the co-owners passes away, the property will automatically transfer to the surviving owner, shielding it from the probate process. Although this can simplify the transfer of property, it is important to consider the implications of co-owning property with someone, as they will have the same level of control over the property during your lifetime. It is critical to only co-own property with someone you trust implicitly.

Our Avoiding Probate Lawyer in Daytona Beach Can Execute Your Plan Properly 

Probate can be a source of hardship and frustration for your loved ones after you pass away. Fortunately, you can protect your estate from the process by utilizing the above strategies. At Bundza & Rodriguez, our Daytona Beach avoiding probate lawyer can advise on what these are, ensure your documents are executed properly, and make the entire process as easy as possible so you and your family have the protection you need now and in the future. Call us now at 386-252-5170 or contact us online to request a consultation with our experienced attorney 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