Jacksonville Estate Planning Attorney Outlines How to Avoid Probate in Florida
Probate is a lot like trying to get to a destination going through a long construction zone, very frustrating. An important goal in Florida estate planning is to spare your family the expense and hassle of a probate court proceeding. Here are some options to avoid Florida probate:
Living trust – setting up a Florida living trust can ensure that all your assets will be passed on to whomever you designate without probate court proceedings. This entails creating living trust documentation and assigning a successor trustee to transfer the assets to your beneficiaries after your death. However, you must transfer property ownership to yourself first as the trustee of your trust to ensure the property will be controlled by the terms of the living trust. An estate planning attorney can help you with this.
Joint tenancy – if you own property with a spouse or someone else, a “right of survivorship” provision will ensure that the property transfers to the surviving owner. In Florida, each owner must own an equal share of the property. For married couples, this is known as “tenancy by the entirety.” The downside to joint tenancy is that it can really mess up estate tax planning (remember, the estate tax returns on January 1, 2011, if not before).
Transfer-on-death designations – in Florida, you can register brokerage accounts in “transfer-on-death” (TOD) form. Bank accounts and CDs can be designated “payable-in-death” (POD). For both, the beneficiary inherits immediately upon your death, but you control the funds until that time. Florida does not have such provisions for real property, like homes or vehicles. There is also a possibility that TOD and POD designations will not avoid probate in the future. There is talk that the Florida lawmakers are contemplating making accounts with TOD and POD designations an asset subject to probate.
If you need information on how to avoid Florida probate, consult a Florida estate and tax planning attorney.
