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2 estate planning approaches that bypass probate

On Behalf of | Jan 16, 2025 | Estate Planning |

Probate is a prevalent formality during the estate administration of most people’s assets. However, this doesn’t mean that your estate has to go through it for your assets to be allocated per your instructions.

There are approaches you can apply to help ensure your estate bypasses probate in Florida. These strategies can help ensure that your loved ones don’t have to wait longer than is necessary for their inheritance.

Establish a revocable living trust

Creating a revocable living trust is one of the surefire ways for your estate to bypass probate. All that’s required of you is transferring ownership of your assets into the trust. You can then retain control of all assets in the trust because you’ll be the acting trustee during your lifetime.

During estate administration, your successor trustee can allocate the assets to named beneficiaries without the need for probate. Some advantages of a revocable living trust that you might not know include:

  • The trust allows for seamless asset management if you become incapacitated
  • The trust not being subject to probate can save your loved ones time and costs
  • Your family can enjoy privacy, as trust proceedings are not public

To help make sure this strategy works, don’t forget about transferring ownership of your assets into the trust. Failing to do so may result in those assets going through probate.

Utilize beneficiary designations

Certain types of accounts and assets allow you to name beneficiaries to help ensure a direct transfer during estate administration. Since beneficiary designations override the terms of a will, the assets bypass probate. Your family can enjoy peace of mind because the transfer is typically quick and straightforward. However, you should remember to review and update your beneficiary designations from time to time. Incorrect or outdated designations can lead to disputes or unintended consequences.

Avoiding probate in the Sunshine State requires thoughtful planning and proactive measures. The abovementioned strategies can significantly simplify the asset transfer process for your named beneficiaries. Collaborating with an experienced legal team can help ensure your plan is tailored to your needs and complies with state law.

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