What Assets Are Exempt From Probate in Florida? 2024

When someone passes away in Florida, their estate typically goes through the probate process. This is a well-established legal procedure designed to ensure that all assets in the deceased’s estate are distributed according to their own wishes. However, this does not always need to happen. Sometimes, an estate is not subjected to the probate process. Understanding what assets are exempt from probate in Florida can help simplify this estate administration process.

Jointly Owned Assets With Right of Survivorship

Anytime an asset is jointly owned with a “right of survivorship,” it means that the asset will be passed to the surviving owner once the other partner passes away. This is a common legal arrangement to avoid the probate process in Florida. For example, a surviving spouse or friend would immediately inherit a shared house rather than waiting for the probate process to conclude to see if they are able to stay in the home.

To ensure that your estate is set up in this way to avoid probate, you need to ensure that the correct legal documentation is in place when the account or property is titled. To “title” something means that an asset is legally documented and specifies who has control and rights over the property. If it’s found that the property was not titled correctly upon one’s death, this could force the property to be subjected to the probate process.

Beneficiary-Designated Accounts

There are certain accounts that allow for someone to name what beneficiaries would inherit funds directly. Common accounts in this example include life insurance policies, retirement accounts, or other investment accounts that have been designated as payable or transferable on death. This allows the assets to be passed directly to whatever beneficiary has been named without them needing to withstand the complicated and lengthy process of probate.

Revocable Living Trusts

All revocable living trusts allow individuals to manage the breadth of their asset portfolio during their lifetime. This works by transferring ownership of specific assets, like a bank account, into the trust and naming yourself as the trustee. You will also be required to name a successor trustee for when you pass away. Because these assets will now be considered legally owned by the trust rather than yourself personally, they will not be subjected to probate court.

Homestead Property

In Florida, special homestead laws are designed to provide special protections for someone’s primary residence. To qualify for this, the specific property in question must be the decedent’s primary residence. They must also intend to inherit the property from either a spouse or child. When this happens, Florida does not require the homestead property to be sold to pay off outstanding debt. Rather, it can transfer to the surviving heir without probate.

Assets Held in a Trust for a Spouse or Minor Child

Certain pieces of personal property or assets intended for a spouse or minor child can also bypass probate under Florida law. This can include personal furniture, appliances, or something more significant like the family vehicle. If these items have been legally set up and held in a trust, they can bypass the probate process. Florida also allows for family allowance, which is financial support to any surviving spouse or minor child during probate.

Small Estates With Minimal Assets

Anyone who has an estate on the smaller side and doesn’t meet the threshold for a formal probate proceeding will also qualify to avoid the traditional probate process. This streamlined process is called “summary administration.” It allows for assets to be transferred to beneficiaries as quickly as possible without needing to wait for decisions to be made in probate. This can save a significant amount of time and prevent unnecessary court costs from adding up.

Probate Law FAQs

Q: What Assets Must Go Through Probate in Florida?

A: Any assets that are solely owned by a deceased individual who never created an official estate plan to bypass probate will be subjected to the probate process in Florida. This can include any real estate properties that are not jointly owned or personal investments that were never put into a trust. The probate process ensures the assets are distributed. Without probate, there is no legal mechanism to transfer asset ownership.

Q: Can an Estate Be Settled Without Probate in Florida?

A: Yes, it is possible for estates to be settled in Florida without the probate process. The largest example of this is when assets are held in a revocable living trust, have been designated as jointly owned property with rights of survivorship, or are in accounts that have named beneficiaries. For smaller estates, Florida has a “summary administration” process that streamlines assets to beneficiaries without needing to go through probate.

Q: How Long Does Probate Take in Florida?

A: The total length of the probate process in Florida varies greatly. The complexity of the estate is the largest factor that influences this timeline. Disputes among surviving family members and friends can complicate this matter and complicate the probate process. The overall timeline will also be influenced by the court’s schedule, as a court with a backlog of cases may require stakeholders to wait a significant period of time before probate even begins. For more information, you can contact our skilled probate lawyer.

Q: Can a Will Be Contested During Probate in Florida?

A: Yes, wills are able to be contested during the probate process in Florida. For example, if someone believes that the will’s Testator was not mentally sound or forced to accept certain terms and conditions they did not truly want, this accusation will need to be investigated. While this will extend the case’s timeline, it is an important legal measure to take as the court reviews evidence that will either validate or invalidate the will.

Contact the Law Office of Douglas A. Oberdorfer, P.A., Today

Because navigating the probate process can be overwhelming, it’s important to hire legal representation to share the burden of responsibility as you continue to grieve the loss of your loved one. At the Law Office of Douglas A. Oberdorfer, P.A., we take pride in handling these cases efficiently and in compliance with Florida law for our clients.

For those interested in avoiding probate, we can create a personalized estate plan to help you do so. Contact us today to learn more about our history in this space and how we can help you avoid probate today.