It is not necessarily a negative thing to have your Last Will and Testament document go through the Florida probate court system. However, it leaves open the possibility of having your family members waste their time and money, along with emotionally draining them in this already very difficult time. This is why many attempt to evade probate altogether. Well, for this, please follow along to find out whether every will needs to go through the probate process and how a proficient Broward County wills lawyer at The Probate Lawyers can help you work on an estate planning strategy to avoid this legally.
Does every will require the probate process?
The probate process is meant to have the executor named on the Last Will and Testament document manage the grantor’s estate, pay off their outstanding debts, and distribute their remaining assets to the designated beneficiaries, all while under the watchful eye of the Florida probate court. While most wills and assets require this court supervision, certain exceptions may apply.
For one, a will may bypass the probate process if it is affiliated with a small estate. That is, in the state of Florida, a will may undergo simplified probate, otherwise known as summary administration, if the estate’s probate value is less than $75,000. Or, if the grantor sadly passed away at least two years ago. In either case, there may be fewer requirements that the executor must abide by, and overall there will be minimal court supervision.
As far as assets go, say a grantor has jointly-held assets listed in their will document. Well, there may be directions for how these assets should be administered amongst beneficiaries when both owners sadly pass away. But so long as you have a surviving owner at the time of your death, they may be immediately transferred these assets without the need for the probate process. In short, this is what is known as the rights of survivorship.
What are other methods for effectively avoiding probate?
If you do not have a small-enough estate or solely-owned assets that you still wish to keep private, there may be other means to avoid the probate process. Most popularly, you may forgo a Last Will and Testament document and establish a revocable living trust instead. Generally speaking, assets held within a trust are meant to sidestep probate entirely, and rather go directly to your designated beneficiaries. That said, it is common to title real estate property with joint tenants.
Instead of a trust, you may consider creating a payable on death or transfer on death account. So long as you name your desired loved ones as the beneficiaries to these accounts, the assets held within them may transfer to them automatically at the time of your passing. This is not to mention that life insurance policies and retirement accounts may inherently bypass probate, again, so long as you disclose beneficiaries.
And so, if you are ready to get started on your will writing or otherwise, now is a better time than ever to contact a talented Broward County estate lawyer. The Probate Lawyers are here to help.
