Florida Probate Avoidance
FLORIDA PROBATE AVOIDANCE
Florida probate has always been a costly, bureaucratic and time-consuming process. To handle such a complicated process, you do not need to do it alone. If you are looking for ways to avoid probate, please consult with the Law Office of John Vernon Moore, P.A., in Florida.
Avoiding or Minimizing Probate
Probate is the legal procedure involved in collecting and dividing the properties of a deceased person according to the terms of the will and the provisions of Florida probate law. It can be both costly and time-consuming. A worthwhile purpose that should be viewed in accordance with the other objectives associated with estate planning is to avoid or minimize the time and cost of probate.
There are several ways to do this when you are still alive, without actually giving up full control of the assets. For example, in order to pass the asset to the beneficiary, the following assets will not need to go through the probate process:
- Life insurance plans with a beneficiary named
- Pension plans with a beneficiary named
- Asset titled jointly, such as having two individuals on a car title
- Jointly titled real estate, such as holding real estate as joint tenants or joint tenants with a survivorship right
- Mutual bank accounts
- Bank accounts with provisions for “payable on death” or “transfer on death”
Using revocable living trusts is another way to avoid probate. When property is held in trust, the trustee retains and maintains the “legal title” of the property for the benefit of the beneficiary, who holds the “equitable title.” When the settler (the individual forming the trust) dies, without having to go through probate, full title passes to the beneficiary. As compared to a “testamentary trust,” which only becomes effective upon death, a “living” or “inter vivos” trust is one that becomes effective at the point it is formed. However, because the trust is revocable, if the needs or desires change, it may be revoked or altered throughout the life of the settler.
Contact our Estate Planning Attorneys
The estate planning attorneys at The Law Office of John Vernon Moore, will advise you on your options to minimize the probate of your estate and help you create a comprehensive estate plan that meets all your overall goals, including avoiding or minimizing probate to the extent possible.
Contact The Law Office of John Vernon Moore, P.A. to discuss your estate planning needs with our experienced and professional.
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