How to Avoid Probate in Florida
Of all the things you wish to leave your heirs, the expense and hassle of going through probate in Florida is probably not on that list. Nor should it be. There are ways you can ensure your estate passes directly to whomever you wish without having to go to Florida probate court.
Living Trusts. You can create a living trust to give away virtually anything you own – real estate, cars, boats, artwork, jewelry, even bank accounts. But this is not a do-it-yourself project. Meet with a Florida estate planning attorney, who can explain the steps to setting up a living trust, choosing a successor trustee and titling your assets over to that trust. You’re still in control, but your heirs avoid probate.
Joint Ownership. Any property you own with someone else that provides for right of survivorship automatically passes that property on to the other person once you die with no need for probate. If you own property with someone through joint tenancy, you must be sure each of you owns an equal share for it to pass on without probate.
Transfers-on-Death. Any securities you own – stocks, bonds, brokerage accounts – may pass to a beneficiary if you register those securities as transfer-on-death. You must fill out a beneficiary form, then the person you name as beneficiary can claim the accounts upon your death without probate.
Payable-on-Death. You can add a payable-in-death designation to bank accounts and CDs and your beneficiary will be able to claim the money from the bank upon your death without going through the probate process.
To learn more on avoiding probate in Florida, please contact our estate planning attorney at Wood, Atter & Wolf, P.A. in Jacksonville and Ponte Vedra Beach, Florida.
