When the time comes that you are unfortunately no longer around, your only hope may be that your loved ones are left to protect and reap the benefits of the assets you left behind. After all, this is likely what you specifically instructed for within the terms and conditions of your Last Will and Testament. But before your best wishes may be granted, the probate process happens. With that being said, please read on to discover whether the probate court will handle all your assets and how a seasoned Broward County probate lawyer at The Probate Lawyers can help you and your loved ones prepare for the proceedings to come.
Will all my assets be handled by the probate court?
Regardless of whether or not you establish a valid and enforceable Last Will and Testament before your passing, your assets likely need to be handled by the Florida probate court. Rest assured, this is all to confirm that your estate is handled legally and in the exact way you intended. Now, not all your assets will have to go through probate, but just the ones that are titled solely in your name (i.e., real estate, cars, bank accounts, owed wages, etc). Such assets may be handled in the following way:
- Your loved one(s) may file a petition for estate administration with the circuit court in the county where you resided or owned property.
- The court may appoint an executor to manage your estate, if you had not appointed one in your will document.
- The executor may notify your beneficiaries, creditors, and other interested parties of the probate proceeding.
- The executor may identify and account for all the assets that make up your estate.
- The executor may pay the outstanding debts and taxes owed by your estate.
- The executor may distribute the remaining assets to your beneficiaries according to state intestacy laws, if you did not set instructions in your will document.
What assets can avoid probate altogether?
To reiterate, assets titled solely in your name inevitably undergo the probate process. So this insinuates that jointly-owned assets may avoid it. This is because, upon your passing, a jointly owned asset may transfer to the surviving owner. Even if you and the other owner have a beneficiary in mind for this asset, it may not be distributed to them until after both of your passings.
Certain assets let you name a beneficiary from the get-go, which may also bypass probate altogether. Ideally, these assets should be given to your named beneficiary directly upon your passing. Examples of this include your life insurance policy and your retirement accounts.
Last but not least, if executed correctly, your revocable living trust may sidestep probate. This is because, in funding a trust, you should have already changed the title on your assets from your name to the name of your trustee (i.e., transferred over your ownership rights). In this way, your trustee may distribute these assets to your beneficiaries automatically upon your passing.
We strongly encourage you to retain the services of a competent Broward County probate lawyer. You may do so by scheduling an initial consultation with The Probate Lawyers today.
