Your Goal Is To Avoid Probate!
Probate is a legal process that is used to distribute the assets of a deceased person. It can be a time-consuming and expensive process, and it can be stressful for the loved ones of the deceased. There are a number of ways to avoid probate, and it is important to understand your options so that you can choose the best way to protect your assets.
The goal is to avoid probate by titling assets to pass without going through the probate process. In many states you can pass real property via deeds-in Florida they are called enhanced life estate deeds that transfer on your death to your remaindermen beneficiaries. IRAs can be passed with beneficiary designations as well as pay on death accounts such as bank accounts, CDs, savings accounts—all can pass on death if you have titled them. Many people use revocable trust i
nstruments that allow assets to pass upon death using a trust to give instructions on what would happen if you became incapacitated or if you died.
The only assets that will not pass on death are those in your name only when you die and these will have to go through the probate process.
Florida Enhanced Life Estate Deed
A Florida enhanced life estate deed is a type of deed that allows the grantor (the person who is giving away the property) to retain certain rights to the property, even after it has been transferred to the beneficiary (the person who is receiving the property). The most common right that is retained by the grantor is the right to live in the property for the rest of their life. This right is called a life estate. The grantor can also retain the right to sell the property, mortgage the property, or lease the property. The Florida enhanced life estate deed is a popular option for people who want to avoid probate. Probate is a court process that is used to distribute the assets of a deceased person. It can be a time-consuming and expensive process. By using a Florida enhanced life estate deed, the grantor can avoid probate and ensure that their property is transferred to the beneficiary quickly and easily.To create a Florida enhanced life estate deed, you will need to work with an attorney. The attorney will help you to draft the deed and to ensure that it meets all of the legal requirements.
A revocable trust is a legal document that allows you to control how your assets are distributed after you die. It is a popular way to avoid probate, which is a court process that can be time-consuming and expensive.
When you create a revocable trust, you name yourself as the trustee and the beneficiaries of the trust. You can also name a successor trustee to take over if you become incapacitated or die.
As the trustee, you have the power to manage the assets of the trust. You can sell assets, invest assets, and make distributions to the beneficiaries. You can also change the beneficiaries of the trust at any time.
When you die, the assets of the trust will be distributed to the beneficiaries according to the terms of the trust. This means that your assets will not have to go through probate.
How The Court Handles Probate
Probate is the place where assets go when they are in the name of someone who has died. The court has several options to handle this scenario.
- One is to review a will which must be deposited to the court and verified that it’s valid and adheres to the formalities of your state. The will can then be used to distribute assets. The will is then posted publicly to allow creditors to make claims against the estate and can include funeral and medical expenses.
- A personal representative of the estate is appointed and is responsible for filing everything with the court, marshaling the assets, figuring out who the creditors are and paying them, and making distributions to the beneficiaries.
That is an overview of the probate process. It can be a lengthy process, in Florida it can take up to a year or longer if there are disputes over creditor claims or the validity of the will. We have helped hundreds of clients avoid probate. Call us at 352.379.1900 to set up an appointment with our elder law attorney team and we can review your assets and outline your plan for avoiding probate.