When a loved one passes away, their assets often become part of a probate estate in Florida. Probate cases involve the itemization of property, payment of debts, and distribution of assets to beneficiaries and family members. This process can be time-consuming and confusing, so it helps to know how assets are owned and distributed in the state. Experienced attorneys can help you better understand assets and ownership in South Miami probate, and whether certain assets can be passed down without going through probate. Reach out to The Florida Probate & Family Law Firm today to learn more about your options.
What Is the Probate Process?
Probate is a legal process under court supervision that distributes a deceased person’s assets through their estate. During a probate case, debts are paid to creditors with valid claims, and the remaining assets are shared with beneficiaries under the terms of a will or state law. Probate procedures must comply with the Florida Probate Code, and personal representatives are appointed to manage each estate. Because the process can take several months, many people hope to avoid probate when possible. Some assets and ownership interests must pass through probate in South Miami, but many exceptions can apply. Knowledgeable attorneys can help you create an estate plan that protects your assets and distributes them according to your goals.
What Assets Must Go Through Probate?
Some assets are exempt from probate, and others could be exempt if certain exceptions apply. However, most assets owned solely by the deceased individual will need to go through the probate process in South Miami. This generally includes:
- Real estate
- Bank accounts
- Cars, boats, and other vehicles
- Investment accounts and brokerage accounts
- Valuable personal property and collectibles, such as jewelry and art
It is important to remember that leaving a will does not shield assets described in the will from probate. Assets owned at the time of death can still be required to pass through probate, and a probate court will interpret the will accordingly. Whether you are considering an estate plan or are currently going through the probate process, a skilled attorney can help.
What Assets are Protected from Probate?
There are key exceptions to the general rule that assets need to go through the probate process. Through careful planning, property owners can protect their assets from being subject to probate, passing directly to others instead. Some exemptions include:
- Life Insurance and Retirement Accounts: Life insurance policies and retirement accounts with named beneficiaries can pass directly to the beneficiaries in most cases, avoiding probate entirely. These assets can also be protected from creditor claims.
- Jointly Held Property: Property that is co-owned with a right of survivorship to the other person, such as joint tenancy with right of survivorship (JTWROS), can pass directly to the surviving co-owner. This arrangement can also protect homes and other property from creditors.
- Trusts: Revocable living trusts and irrevocable trusts can shield assets from creditor claims and the probate process. Attorneys with experience creating trusts can draft documents that best suit your individual needs.
- Household furnishings: Under state law, up to $20,000 worth of household furnishings and other household items can be exempt from probate.
- Motor vehicles: Up to 2 vehicles can be transferred directly to heirs and beneficiaries under state law.
Other important exceptions can apply to an estate’s assets, and knowledgeable estate planning attorneys can work with South Miami property owners to protect both their assets and ownership interests during the probate process.
Reach Out to a South Miami Lawyer To Learn About Assets and Ownership in Probate
The probate process can seem overwhelming to anyone involved in probate or creating an estate plan. Our dedicated attorneys can help you understand assets and ownership in South Miami probate, and how to distribute assets according to your wishes. Call today to schedule a consultation and learn more.