Three Ways to Avoid Probate

Probate is a court-supervised process that is often necessary when a person passes away. The probate process administers the estate of the deceased, which involves addressing creditor claims, proving the will, taking inventory of the deceased’s estate, and more. Probate can take a long time, and become very expensive. The costs can quickly use up property and money in the estate that was intended for beneficiaries. Due to the fact that it can take up to one year or more, property left to beneficiaries is also not distributed right away.

If you are thinking of creating an estate plan, there are a number of ways that will help your loved ones avoid the probate process altogether. Below, our Tampa probate lawyer explains the three most common.

Trusts 

Trusts are legal documents that are funded with your property during your lifetime. A trust is a separate legal entity from you and so, while you can manage the property within one throughout your life, you name a successor trustee to take over these duties after you pass away. The trustee has a fiduciary duty to ensure the terms of the trust are carried out. As separate legal entities, trusts do not have to go through the probate process. You can also change or revoke a trust at any time you choose.

Jointly-Owned Property

 The probate court only has the authority to administer assets that are in your name alone. You also cannot leave jointly-owned property to anyone in your will because it will automatically pass to the surviving owner if you pass away. Even if you do not currently jointly own property with another person, you can add a joint owner to a property deed or a bank account to ensure they receive it upon your death. If you have a spouse, you can own a bank account, immovable property, and tangible personal property with survivor rights known as tenancy by the entirety.

Transfer on Death and Lady Bird Deeds 

Transfer on death is a type of securities registration that allows you to name one or more beneficiaries who will inherit the securities account after you pass away. The brokerage company that accepts the registration then agrees to transfer the securities according to your wishes.

If you have immovable property, such as a home, you may choose to use a ladybird deed to transfer the asset to your beneficiaries upon your death. You retain all rights to the property during your lifetime.

Our Probate Lawyer in Tampa Can Advise You of Your Options

The above are three very effective ways to avoid the probate process in Florida, but they are not the only options available. At Messina Law Grope, P.A., our Tampa probate lawyer can explain your legal options, help you determine which one is right for you, and execute a plan that will protect you now, and your beneficiaries in the future. Call us today at (813) 492-7798 or chat with us online to request a consultation with our experienced attorney and to get the legal help you need.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html