4 Different Ways To Avoid Florida Probate

When a person passes away, their assets and debts usually must go through what is known as the probate process. This is the method by which the state ensures that the decedent’s debts are paid and their assets are distributed according to their wishes (where possible). However, the probate process can be difficult and time-consuming, particularly if a person dies intestate (without a will). There are several legal ways to avoid or minimize your exposure to the probate process, and the right attorney can help put them into practice.

Living Trusts – A trust is a flexible legal document by which a person’s assets are placed in the name of a trustee, who then administers them during the settlor’s lifetime. (The settlor is the person whose assets are in the trust.) Placing an asset into a living trust means that it is now in the name of the trust, rather than the settlor – and thus does not have to go through the probate process.

Joint Ownership. For intangible assets and owned real estate, simply having a joint owner can keep the asset out of probate. Bank accounts with a joint owner will simply devolve to the second owner if one passes away. Real estate can be held by joint tenants with rights of survivorship, which will result in the same outcome. Keep in mind, however, that in most cases, a Florida homestead is not considered a probate asset.

Pay-On-Death & Transfer-On-Death Accounts. Certain securities and investment accounts, such as stocks and bonds, allow the holder to designate a person to whom the account will either transfer or its balance will be paid upon their passing. This designation means that these assets simply transfer upon death; no probate is necessary.

Lady Bird deeds. Another tool commonly used for real estate is the Lady Bird deed, which essentially gives a piece of property to a beneficiary while retaining the right to live there. An owner can effectively will the property to another person, but still live there until their passing – and since the asset has already been disposed of, it does not need to go through probate.

Call A Hollywood, FL Probate Attorney

If you have lost a loved one, or if you are planning your estate, consulting a Hollywood, FL probate attorney from the Law Offices of Steven A. Mason, P.A. can help answer any questions you may have about the process. Contact our office today to speak to an attorney.

Source:

courtlistener.com/opinion/1671047/clifton-v-clifton