What Property Is Exempt From Probate In Daytona Beach?
After a loved one passes away, it is important to understand what property must go through probate, and what does not. The more exempt assets one had when they passed away, the easier the probate process is. Not understanding what property is exempt can result in the personal representative becoming overwhelmed and taking on unnecessary tasks. Below, our Daytona Beach estate administration lawyer explains more about the probate process and what property is exempt from it.
What is the Probate Process?
Before understanding what assets are exempt from the probate process and what are not, it is important to have a general understanding of the probate process itself. Probate is a legal process that happens after a person passes away. The purpose of probate is to administer the deceased’s estate, which includes resolving debt with creditors, identifying the individual’s property, and distributing it to the appropriate beneficiaries.
Probate can be time-consuming and complicated. For this reason, many people try to limit the number of assets that will be subject to the process. A Daytona Beach estate administration lawyer is an invaluable help when navigating the system and can ensure they do not face unnecessary costs or delays.
What Assets are Subject to Probate?
When no steps are taken to avoid the probate process prior to someone’s death, any property owned solely by the deceased is subject to probate. This can include:
- Bank accounts
- Investments and brokerage accounts
- Real estate
- Other personal property, such as art, jewelry, and collectibles
A lawyer can help you identify all of the property your loved one owned and determine what assets are subject to the probate process.
What Property is Exempt from Probate?
Not all property is required to go through probate in Florida. Some of the most common types of assets exempt from probate in the state are as follows:
- Homestead: Florida law provides generous protections for a person’s primary residence and allows one’s home to transfer to a beneficiary outside of the probate process.
- Household items: Up to $20,000 in the fair market value of household appliances, furniture, and other personal items are exempt from the probate process and therefore, creditor claims as well.
- Vehicles: State law allows up to two personal motor vehicles to be transferred outside of the probate process.
- Post-secondary tuition accounts: There are many tuition plans and programs, including the Florida 529 Savings Plan, that are not subject to probate. This ensures that the savings you have accrued for your child’s or grandchild’s education are used as you intended.
Our Estate Administration Lawyer in Daytona Beach Can Advise On Your Case
Whether you are administering the estate of someone who has passed away, or are planning for your own estate, our Daytona Beach estate administration lawyer can help. At Bundza & Rodriguez, our experienced attorney can review the facts of your case, determine what property is exempt, or advise on the tools that can help your loved ones avoid probate. Call us now at 386-252-5170 or contact us online to schedule a consultation and to learn more about how we can help.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html
