What types of assets have to be probated in Florida?
I am asked a lot by potential clients "what types of assets need to be probated?" To answer that question, I will first discuss the three different ways you can own an asset.
First, you may own an asset in your individual name. However, upon your death, the asset will have to go through probate unless it has a beneficiary designation, transfer on death designation or payable on death designation attached to it. Example of these types of assets are checking accounts, savings accounts and brokerage accounts.
Secondly, you may own an asset jointly with rights of survivorship. This means upon the death of one owner, the asset passes to the survivor - "the survivor wins". However, the survivor then will have to have the asset probated upon their death to pass it onto their heirs.
Lastly, you may own the asset as title by contract. Examples of this are life insurance policies and retirement plans. These assets pass according to the contract you have with the company you bought the asset from. WARNING: the asset may still go through probate if you list your estate as the beneficiary or have no beneficiary listed at all. Make sure to periodically review the beneficiary designation as it may be the wrong one listed.
To learn more about asset ownership and probate, please contact our estate planning attorney at Wood, Atter & Wolf, P.A. in Jacksonville and Ponte Vedra Beach, FL.
