2024 How to Avoid Probate in Florida: A Complete Guide

Do you want to know how to avoid probate in Florida?  If one of your family members has recently passed away, their estate needs to be settled. Or maybe you want to prepare for the day when a family member dies, and their assets need to be distributed. Probate is often a necessary process to go through to get assets appropriately distributed. However, there are some circumstances that allow you to bypass it.

Ways You Can Avoid Probate in Florida

There are a few things you can do now to protect your assets from probate in Florida:

• Set up joint ownership assets. Anything that’s owned jointly by spouses is safe from probate if one dies. Ownership will be automatically passed on to the surviving spouse. This can include bank accounts, real estate, investment securities, or personal assets as long as they are in the name of either spouse. If you have a title of ownership, it may be a good idea to add your spouse’s name.
• Transfer on death accounts or pay on death accounts. For checking or savings accounts, you may elect either of these designations. As the names imply, upon your death, the account will automatically transfer funds to the beneficiary. It is not a jointly owned account. It’s an account owned by you with a designated beneficiary. This can also be done for investment accounts such as a brokerage.
• Revocable trusts. Perhaps the most flexible and powerful strategy for avoiding probate is the use of a revocable trust. When a trust is established, you can transfer funds or assets into it. This is known as funding the trust.It effectively removes the assets from under your ownership and places them under the ownership of the trust. It’s important to outline how the trust should distribute its assets to beneficiaries upon your death. Upon death, the trust should follow the terms precisely.
• Gifts. A simple solution to avoiding probate is to make gifts to beneficiaries while you are still alive. Anything given to loved ones won’t be subject to probate because it’s no longer within your estate.

One downside to this strategy is that you can only give a certain dollar amount to an individual person for any given year before a gift tax kicks in. This amount is set by the IRS, and it fluctuates from year to year. It’s currently set at $18,000 per year per recipient. This means any gift over $18,000 comes with a gift tax to be paid. Another downside is that you have to give up these assets while you’re still alive.

Benefits of Avoiding Probate in Florida

There are several benefits to avoiding probate. First, it may be cheaper. Probate proceedings can be expensive and involve several fees that you could otherwise avoid. Second, probate can take a long time to finalize. As a beneficiary, you may be waiting a long time to take possession of your inherited assets. Finally, probate requires a lot of legal oversight from the court. You won’t have much say in the process. Avoiding it can give you more control.

FAQs

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

A: Yes, an estate can be settled without probate. There are certain circumstances that can make it possible to avoid probate. For example, if the deceased person died with no assets in their own individual name, probate may not be necessary. If there were only a few assets left behind, the beneficiaries may be able to proceed through summary administration. If the deceased left behind a substantial amount of assets in their name, then probate may be required.

Q: When Is Probate Required?

A: Probate is required in Florida when someone dies with individual assets that do not have proper beneficiary designations. These can be any type of asset. Banks and other institutions may not recognize the transfer of assets without an official transfer designation. This can be done through the probate process. Probate can be avoided with a proper estate plan. If a family member dies without one in place, their assets will likely be subject to probate court.

Q: How Much Does Probate Cost?

A: The cost of probate may vary from case to case, depending on its specific details. There are several factors to consider. First, you must consider the cost of a probate lawyer in Florida. The lawyer’s fee is typically based on a percentage of the total value of the estate. There are also court costs that will need to be paid. Finally, if assets require substantial appraising, marketing, and facilitating to sell, it can add to the costs.

Q: How Can a Florida Probate Lawyer Help Me?

A: A skilled probate lawyer can help you in several ways. They can provide many critical services throughout this important process. A lawyer can prepare legal documents, address disputes, provide evidence, and represent you in court if necessary.

A good lawyer can even help you explore alternative avenues if you wish to avoid probate. Depending on the circumstances of your case, probate may be avoided, but it takes a consultation with a qualified and experienced lawyer to explore those possibilities.

Q: What Assets Go Through Probate?

A: In Florida, most assets will pass through probate. There are only a handful that don’t. For this reason, it’s easier to point out the ones that don’t go through probate. They include assets held in a living trust, property that’s owned in a joint tenancy arrangement, joint bank accounts, life insurance policies, and retirement accounts. You should speak with an experienced probate attorney who can review your circumstances and help determine if probate is necessary for you.

A Law Firm Ready to Help

The legal team at the Law Office of Douglas A. Oberdorfer, P.A. is committed to helping you through the probate process. Our team can review your situation, answer any questions you may have, and advise you on the appropriate next steps you should take. We pride ourselves on serving residents all across the state. With our experienced team on your side, you can trust you’re getting the quality legal support you deserve. Contact us today to get started.