Going through probate court can be costly and time-consuming. In Florida, there are steps you can take to avoid or minimize your probate experience.
The probate process allows courts and executors to validate wills and administer the estates of deceased individuals.
You can avoid sending assets through probate by creating an estate plan and encouraging your loved ones and relatives to do so as well. An estate plan typically includes documents that specify end-of-life requests and a will that names executors and beneficiaries. Parents can use estate plans to determine guardianship arrangements for their children. Many estate plans also designate individuals with legal and medical powers of attorney in cases of incapacity. For estates with significant real financial assets, establishing a trust can facilitate property transfers to heirs.
Florida offers a simplified probate process for smaller estates with a value below $75,000. Executors can also pursue summary administration to streamline the probate process. If the estate did not contain real estate, consider using the disposition process to distribute financial property.
Furthermore, Florida allows many assets to transfer easily without going through probate. Jointly owned real estate property can automatically pass to the surviving co-owner. Moreover, people can designate certain properties, including homes and vehicles, to transfer ownership upon death. In addition, financial accounts that are payable on death do not need to go through probate.
Estate planning can help you and your loved ones save time and money by avoiding probate. Additionally, the state of Florida provides exemptions and simplified options that can facilitate the probate process.