Avoiding Probate in Florida
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 AttorneyThis 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 AccountsMost 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 SurvivorshipA 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.