CAN FLORIDA PROBATE BE AVOIDED?

CAN FLORIDA PROBATE

BE AVOIDED?

“Under the laws of the state of Florida, a will must be

admitted to probate after the passing of the testator.

The executor or personal representative would handle

the business of the estate in a hands-on manner,

but the administration of the estate would be

When you envision the way that a will would be handled after someone dies, you may assume that the executor that is named in the will can follow the instructions and act independently. In fact, things do not work in this manner.

Under the laws of the state of Florida, a will must be admitted to probate after the passing of the testator. The executor or personal representative would handle the business of the estate in a hands-on manner, but the administration of the estate would be supervised by the probate court.

There is a proving of the will during probate. The court examines the will to make sure that it is valid, and if anyone wanted to contest the validity of the will, an

Creditors must be notified about the passing of the testator, and all valid final debts must be paid, including taxes. Ultimately, the assets that comprise the estate will be prepared for distribution to the heirs. After the estate is closed by the court, the executor can distribute inheritances.

The probate process does provide certain protections, but it is not always going to be positive for the rightful heirs to an estate. Inheritances are not distributed while the court is probating the estate, and it will typically take somewhere in the vicinity of a year, even if there are no particular complications.

A loss of privacy is another drawback, because probate records can be accessed by the general public. Anyone who is interested could find out what went on during the probate process.

During probate, many different expenses can accumulate, including court costs, the executor's fee, legal and accounting expenses, and appraisal and

liquidation charges. These expenditures reduce the amount of the inheritances that will ultimately be received by the heirs.

Transfers Outside of Probate

There are certain types of asset transfers that take place outside of the probate process. You can be proactive about the implementation of probate avoidance

strategies, and there are also transfers that organically take place outside of probate. With regard to transfers that would naturally take place outside of probate, life

insurance proceeds would be paid directly to the beneficiaries, and the probate court would not be involved.

If you have a payable on death account at a bank or brokerage, the transfer to the beneficiary would not be subject to the probate process.

Joint tenancy is the condition of co-ownership of property. For example, you could add a joint tenant to the title or deed

of your home. If you were to do this, the surviving joint tenant would inherit the entirety of the property outside of probate.

When it comes to intentional probate avoidance, one commonly utilized tool is the revocable living trust. You do not lose control of assets in this type of trust, so you do not have to be concerned on that level. As the grantor of the trust, you can act as the trustee and the beneficiary, and

you can also dissolve the trust entirely if you ever choose to do so.

You name a successor trustee to administer the trust after you are gone when you create the trust declaration, and you also name successor beneficiaries. After your passing, the successor trustee would be empowered to distribute assets to the beneficiaries outside of probate.

These are some of the ways that probate can be avoided, but there are others.

Summary

Probate is a legal process that can come into play after someone passes away, and it comes with some pitfalls. The process is time-consuming, it can be expensive, and it

is a public proceeding.

There are a number of different ways that you can get assets into the hands of your loved ones outside of probate if you want to avoid these drawbacks. Living trusts are popular among

people who want to avoid probate, but there are other types of trusts that are not subject to probate that satisfy more advanced objectives.

The ideal estate plan is going to vary person by person depending on the circumstances. This is why

personalized attention is very important. You should understand all of your options and act in a fully informed manner.

your family.

References

Collier County Probate Court

About the Author

Barbara M. Pizzolato

For nearly three decades, Barbara M. Pizzolato has put her clients first. She is more of a counselor than a lawyer, having established long-lasting, personal relationships with many clients. In fact, one of her first clients is the Godfather of her daughter. What does this mean for you? In choosing Ms. Pizzolato as your estate planning attorney, you are gaining a friend and confidant, as well as a highly professional, experienced authority on estate planning law. She will take the time necessary to get to know you and your family, gain a thorough understanding of your unique situation, and work closely with you to design and implement a comprehensive estate plan.

After obtaining her B.A. from Stony Brook University and J.D. from New York Law School, Ms. Pizzolato practiced as both a litigator and an estate planning attorney. Many of her litigation and corporate clients asked her to handle their estate and business planning needs as well, and over time she found the latter more rewarding. Working with families and business owners to meet their life-long goals and most-pressing concerns brings her a great deal of personal satisfaction. In essence, Ms. Pizzolato has chosen to practice an area of law focused on collaboration rather than conflict. She has represented and assisted thousands of clients with their estate planning, business succession planning, probate, and trust administration needs.

While her main office is located in Fort Myers, Florida, Ms. Pizzolato is also licensed to practice law in New Jersey, New York, and Connecticut. This flexibility has proven particularly valuable for her Florida estate planning clients with assets in multiple states. So, too, has her willingness and ability to handle client planning needs over the phone and by email. In fact, some of her long-term corporate clients have never actually met Ms. Pizzolato in person, but given her personable nature and commitment to serving as a “lawyer for life,” these clients have also become close friends. Barbara M. Pizzolato, P.A.

www.pizzolatolaw.com

12571 New Brittany Blvd., Suite 402 Fort Myers, FL 33907

Phone: 239-225-7911

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