The probate process has developed a reputation for being drawn-out, complex, and costly. Given what is at stake, there are many reasons why it might be in your best interest to skip this frustrating process and allow your heirs to inherit from you in a different way.
Are you wondering how to avoid probate in Florida? There are steps you can take when creating your estate planning documents to ensure probate will be unnecessary. Before you attempt to face these challenges on your own, you could benefit from discussing your options with a professional probate law attorney.
What Property Goes Through Probate?
Only some of what a person owns will get bogged down in probate court after they pass away. For property to be distributed this way, it must be owned outright by the deceased person, and no one else.
Legal ownership is critical, because it is possible to place an asset into a trust or other device, and still enjoy the revenue that comes from it without technically owning it any longer. An attorney can review all the options on how to avoid Florida’s probate system and offer advice on the best method.
Why Avoid Probate?
There are several reasons why Florida residents might set up their estate to avoid probate. The process is known to be time-consuming, lasting for months even when things go smoothly, and for years when there are complications or significant assets to manage.
Testators must also consider the costs of probate, as well as public court proceedings, which can lead to privacy issues for some families. This is especially relevant for individuals who are wealthy or well-known. By resolving these issues out of court, you can keep prying eyes away from the distribution of assets.
Using a Living Trust
One of the most popular ways that testators in Florida can avoid probate is with a living trust. An individual has the right to transfer ownership of an asset they own to this legal entity, including any real estate, bank accounts, and personal property. When they create the trust, they must prepare documentation outlining how the assets are to be divided among the beneficiaries.
Each trust has a person—the trustee—appointed to manage the assets and oversee their distribution. Usually, this occurs after the death of the creator. Other triggering events can also apply, depending on the language of the documents.
Technically, the trust itself becomes the new owner of this property. Since it does not belong to the decedent at the time of their death, it does not have to go through probate.
Relying on Joint Ownership
Some people rely on joint ownership to avoid messy probate issues. Only property owned entirely by the deceased goes into the probate estate. If the asset is owned jointly by two people, the other person becomes the sole owner instantly upon the death of the other person. Thus, there is no need for probate court proceedings to determine who has those rights.
Let Our Attorneys in Florida Help You Avoid Probate Today
One of the ways that The Florida Probate & Family Law Firm can help you prepare your assets and your family for the future is through detailed and well-crafted estate planning documents. For many people, this includes keeping most or all of their assets out of probate court using a few potential methods. Call us as soon as possible for a free case evaluation to learn about ways you can avoid putting your assets through probate in Florida.