There are typically many things to take into consideration when establishing a comprehensive estate plan. Somewhere near the top of the list for many here in Florida could be whether or not to implement measures that can eliminate the need for probate. This can especially be true for those who prefer to keep all their affairs private since the probate process becomes a matter of public record.
Avoiding probate can also speed up the time frame involved in settling one’s estate, especially for high-net-worth individuals, and it can significantly reduce the chances of contention between family members. There is no one-size-fits-all approach to ensuring this reality will someday be brought to fruition. However, there are a multitude of potential options that could eliminate the need for the probate court, including the following:
- Utilizing trust funds: Certain trusts formally authorize a trustee to distribute all the assets to the select beneficiaries as specified in the event of one’s passing.
- Taking advantage of joint ownership of property: Co-ownership of certain assets can allow for their direct transfer to the other partner should one of the two owners pass away.
- Using payable upon death accounts: Some financial accounts offer this option that can allow someone to establish a beneficiary who will receive all of the funds in the event of the account owner’s death.
The state of Florida also offers expedited probate proceedings for estates that qualify due to their small size. With all of these different possibilities along with the numerous other complexities involved in creating a comprehensive estate plan, taking advantage of an experienced attorney’s services could prove invaluable. A savvy attorney can provide support and guidance throughout this entire process, including carefully determining if eliminating the need for probate is appropriate for one’s unique circumstances.
