Having a Probate Attorney will Help You Avoid Probate in Florida

With the assistance of a qualified Probate Attorney, you can plan your estate in such a way as to avoid probate. Probate describes the legal process of “proving a Will” in a dedicated probate court. It determines the validity of a Will (if any exists) and administers the assets of a deceased individual accordingly, first to pay off creditors and tax authorities, then to the specified beneficiaries. Although the probate process is generally less costly and time consuming if you have an effective Will ready to be filed upon death, the distribution of your estate will still be supervised by a probate court. Here are some key ways a probate specialist can help you avoid probate.

Create a Revocable Living Trust with the Help of a Probate Attorney

This is the most straightforward way to avoid probate. In contrast to a Will, wherein you lay out how you want your assets to be distributed after you die, a Living Trust places your assets in the hands of a third party (Trustee) who will manage and administer your estate in accordance with your wishes and for your beneficiaries. Because your estate is already distributed to the Trustee, you will avoid probate – and its associated fees and costs – altogether. Jurado & Farshchian can assist you in creating an effective Trust that meets your exact wishes while protecting your assets from probate.

Name Beneficiaries on Your Retirement and Bank Accounts

Most bank accounts, life insurance policies, pension plans, 401Ks, IRAs, and investment plans allow you to name beneficiaries to receive the account or its assets upon your death. While the proceeds will still be subject to applicable taxes, they will circumvent the probate process entirely. Note that if you are married, your spouse may automatically be entitled to some of these assets upon your death. Our attorneys can go over your various accounts and determine if or how they can be made to avoid probate.

Talk to Your Probate Attorney About Joint Tenancy with the Right of Survivorship

A joint tenancy describes any form of ownership wherein more than one person owns an asset. It can be used for real estate, bank accounts, stock, and more. A joint tenancy with the right of survivorship means that the assets being held jointly with one or more other owners will pass to the surviving member(s). Because the asset passes automatically to the joint holder when you die, it will not have to go through probate.

There are some disadvantages to holding property jointly. If all of the joint owners die, probate will be required to administer the estate, since there is no one left to automatically receive the assets. Joint ownership also means that any joint owner can sell or convey their interest in the asset being held in common without approval of the other owner or owners. (Creating a tenancy by the entirety for real property is one way to avoid this). A Jurado & Farshchian Probate Attorney can explore the various ways in which you can own assets with your loved ones while avoiding probate.