Handling probate can be time-consuming and stressful. Check out our newest article to discover ways to skip probate court in Florida!
Nobody wants to have to go through the probate process, especially if they plan to sell the inherited property once their loved ones have passed. By planning ahead, people are able to avoid probate, giving their families the peace of mind they need when dealing with a sad and difficult situation.
Why Avoid Probate?
Many people in Florida seek to skip probate for several reasons. First, there are many expensive fees involved. These can include costs for lawyers, appraisals, court, and the person managing the estate. Sometimes, the executor may choose not to take their fee to keep things fair among family members. Additionally, the probate process can be very lengthy. It requires listing all assets and heirs, and proper notices must be sent out. All debts must be settled before any money or property is given to the heirs. Overall, going through probate is usually a hassle that most prefer to avoid if possible.
Using A Trust
You can create a trust to keep your belongings from going through probate. When you set up a revocable living trust, the items you place inside it won’t have to go through the probate process. It’s important to set up the trust when you are still in good health and can make your own choices about what to include. Think of the trust as a bucket where you can put all the assets you want to keep safe and manage them as needed.
Joint Ownership Rights
When someone purchases a home together with another person, they can create a joint ownership agreement. This includes the right of survivorship, which means that if one owner passes away, the remaining owner automatically inherits the property. This transfer happens without the need for probate, making it simpler. It’s best to establish this arrangement at the time of buying the property since adding a person to the deed later can result in additional costs.
Beneficiary Designations
Many times when setting up a bank account or life insurance policy, you will assign a beneficiary. By doing this, these items will not be subject to the probate process. A few states will allow you to create a transfer-on-death certificate for real estate you own, transferring the property after you die. Be sure that you keep your beneficiary designations up to date. Many people fail to make these changes after a divorce or after someone passes. This can lead to your ex getting everything or the asset having to go through the probate process.
Giving Inheritance Away
While you are still alive, you have the option to intentionally “give away” most of your belongings to loved ones or other recipients. If you transfer ownership of the asset before you pass away, it won’t need to go through probate. Many items, particularly those valued at $11,000 or less, can be gifted without facing any federal tax charges. You can give this amount to someone once each year, which can help to lower the total value of your assets that will be subject to probate.
Smaller Estates: Avoiding Probate
In certain states, it can be easier to avoid probate if the person passing away has only a small estate. To be considered small, the amount of the estate will vary based on where you live.
It can be very beneficial for heirs to avoid the probate process in Florida. Between the fees, costs, and stress, the process can be daunting and overwhelming. If you want to learn more about how to avoid probate in Florida, reach out to us today!
Looking to learn more? Contact us to see how to avoid probate court in Florida!