Avoiding Probate Under Florida Law
Probate is the procedure by which a decedent’s will is proven to be valid to the probate court, and the process by which a personal representative (usually an individual named in the will), oversees the payoff of the decedent’s debts and ensures the heirs named in the will receive what the decedent intended for them. It is a common misconception that by having a Last Will and Testament, a person will avoid probate. However, the will must still be validated by the court and the actions outlined in the will must be carried out. This is where probate administration comes into play.
Probate administration can be a long and tedious process, depending on how large and complex the decedent’s estate is. It can also be very expensive. Attorneys and court fees are assessed based upon the size and value of the estate. In a nutshell, the probate administration process is characterized by red tape, delay, and burdensome court filings. Because of these drawbacks to probate, some people opt to avoid the entire process. There are options available to you if you are interested in avoiding probate, but in order to do so, you must plan ahead.
Generally, the most popular and convenient way to avoid probate proceedings is to establish a living trust. A living trust is a document executed between the individual and his or her trustee(s). The document sets forth the individual’s intent for use and allocation of their assets both while he or she is alive and also, after the individual’s death. All of the individual’s assets are placed in the name of the trust and the trustees gain legal authority to execute upon the individual’s wishes as stated in the living trust.
The effect of the living trust is the same as that of a will- it allocates your money and property to your intended heirs or beneficiaries. It also allows you to clearly establish your intent for your property while you are still alive, which the will does not address. Most importantly, the living trust lets you avoid the cost and time-consuming probate proceedings, which will spare your loved ones of much headache.
If you believe that a living trust is a good option for yourself or a loved one, please contact Rooth Law Group today. We will assist you in evaluating your unique situation and help you determine if this is the best choice for you.
