Probate is the legal process of settling someone’s estate when they die. A court will review the decedent’s will and authorize the executor of the estate to pay any debts or taxes the estate may owe and distribute assets to the designated beneficiaries. If a decedent doesn’t have a will, their family will typically need to go through additional court proceedings where a judge determines how to divide the estate.
Sometimes, the probate process is relatively straightforward. Oftentimes, however, the probate process is a lengthy, costly ordeal that can be challenging for families to navigate, especially when they’re mourning the loss of their loved one.
Determining how you want your assets divided when you’re gone is a crucial step you should take to help protect your loved ones’ futures. It’s also important to think about the best way to structure your estate plan and how you can enable your family to avoid a time-consuming, complex probate process.
Common Problems with the Florida Probate Process
Probate laws differ in every state, and the probate process your family must navigate may vary depending on the procedures that are in place, the complexity of the estate involved, whether or not there are disputes among beneficiaries, and other factors.
Generally speaking, however, there are a number of common issues that families may face when going through the probate process:
- Costs – Going through probate means paying various fees and costs. It can cause financial strain, especially if the family needs to use assets from the estate to pay for probate expenses. If they don’t have access to bank accounts during the procedure, they might be forced to take on debt to afford court costs and legal fees.
- Time-consuming process – Complicated matters can take a long time to settle in probate court. If the deceased doesn’t have a valid will, disputes among surviving relatives can arise. Additionally, the longer the process drags on, the more money it will cost.
- On public record – Probate is a matter of public record. Anyone can access the legal documents by performing a simple internet search or requesting copies from a court clerk.
- Court approval – Depending on the circumstances involved, a judge might have to decide how a person’s estate is divided. The judge must follow state laws when determining how to distribute the assets.
Steps You Can Take to Avoid Probate
State laws and other circumstances will determine whether your spouse, children, and other beneficiaries must go through probate after you die. Many states require surviving relatives to go through probate if there isn’t a will. There are some things you can do to avoid this process, however.
Create a Living Trust
You can appoint a trustee to manage the property held in trust. This person must act on behalf of your designated beneficiaries and distribute property to them by following the trust agreement terms. Since a trust account isn’t part of an estate, your trustee can easily transfer the trust property to the people you specified in the agreement immediately after you pass away.
Include Beneficiaries on Accounts
You can add a beneficiary to some of your accounts so they will receive the funds when you die. They won’t have to go through probate to access your money since you designated them as the account’s beneficiary. Such accounts can include 401K plans, bank accounts, insurance policies, stocks and bonds, and IRAs.
Jointly Owned Property
Jointly held property doesn’t have to go through probate. For example, if you and your spouse buy a house together, they can keep it when you die since they’re already a joint owner.
Small Estates
It’s important to keep in mind that many states offer an expedited probate process for estates that are considered “small,” as designated by states’ probate estate limits. An attorney can help you determine your best options, depending on the nature and size of your estate.
If you want to learn more about what you can do to keep your family out of court after your death, contact our Hillsborough County probate lawyers for guidance. You can schedule an appointment at our Brandon law firm by calling (813) 438-8503.