After the loss of a loved one, we often hear from family members who are overwhelmed or confused by the probate process necessary to administer his or her estate. How to navigate Hillsborough County probate really depends on the value of the assets left behind in the decedent’s name and whether there is a will.
Many states have probate options for estates with assets below a certain dollar amount. Estates with assets that exceed that threshold can be costly and time-consuming to settle.
Will vs. No Will (a.k.a. Testate (Will) and Intestate (no Will.))
- A Will names who should act as the Executor for the estate.
- A Will gives the probate court and your representative instructions regarding how and to whom you want the assets distributed.
- Without a Will, the court and state statutes determine who is eligible to be in charge and how your assets will be distributed.
Any of the above can be contested in probate court. Just because there is a Will, it does not guarantee that the decedent’s wishes will be followed.
How do I avoid probate in the future?
The best way to avoid probate is to make sure that all your property is titled in such a way that it will avoid probate. Examples include joint tenancy, transfer-on-death deeds, life estate, or a trust. However, there are pros and cons to each one.
One of the most popular probate avoidance tools in estate planning is the revocable living trust. The most common reason someone with a trust still ends up in the probate court is that the person’s assets were never properly titled to the name of the trust. Most trusts come with a back-up document called a “Pour-Over Will.” The Pour-Over Will tells the probate court to allow the assets to be transferred to the name of the trust and distributed according to the instructions in the trust. As long as the Pour-Over Will is uncontested, this can simplify the probate process.
There are many options to explore. Consulting with an experienced estate planning attorney is essential in determining which options best meets your estate planning goals.
Is it really that important to avoid probate?
Often this answer is dependent on family dynamics. Anytime a probate becomes contested, the time and the cost of the process increase substantially. This is especially true in situations that involve family discord or blended families. These situations are nightmares that can be avoided with a properly executed estate plan.
If you are in a current situation that may involve probate, we can help. Call our Hillsborough County probate lawyers today at (813) 438-8503 to schedule a consultation. We can help you navigate through the process and answer any questions that you may have.