Do All Wills In Florida Have To Go Through Probate?
There is a general belief that if someone dies with a will, then their inheritance will be really easy to obtain. But this is not always true, especially in Florida, where even if someone had prepared a will before dying, their estate might still be required to go through probate.
And this kind of depends on how certain assets have been titled. But what is probate? Are there any ways to avoid it? Let’s dive into the details of the probate process in Florida and answer all these questions!
What is probate?
Probate seems like a difficult and expensive procedure. The process by which some assets must be legally transferred from the decedent to his or her heirs or beneficiaries is known as probate, and it is actually a fairly common legal practice.
In some cases, probate might not even be required. Some of these cases depend on what type of property, how it is owned, and the state rules. When it comes to Florida, though, there is more than one way to settle the transfer of a deceased estate. And sometimes, it might not even be required at all.
Probate essentially is the process that takes place after a person dies. It involves legally distributing the estate (assets and possessions) of the descendant among the heirs or beneficiaries. An estate may consist of bank accounts, real estate, life insurance, cars, personal possessions, financial investments, and so on.
Sometimes the descendant has already made a will, and probate is the administration of the said will. Usually, someone is mentioned in the will who will be responsible for administering the will; they are often referred to as an executioner.
In order to do this, the deceased’s assets must be gathered, used to settle any outstanding debts from their estate, and then given to beneficiaries.
Can You Skip Probate?
Some people are against probate. However, if the deceased held property that was not deliberately set up to avoid probate, there is no way for the beneficiaries to acquire legal possession without it.
A will or property is not always required to go through probate. This does not apply to some situations. For example, if the family continues to pay taxes on the property and does not sell it, Florida law permits them to own it in the deceased person’s name.
Assets That Don’t Go Through Probate
Many or even all of the decedent’s assets can be transferred to the new owner without going through the probate court. Non-probate property typically falls into one of these categories:
• Property owned by multiple people in joint tenancy, such as a house owned by a couple or a bank account shared by several people
• Assets that have been designated as a beneficiary by the owner, such as retirement accounts, life insurance payouts, or real estate with a transfer-on-death deed.
Ways to Avoid Probate
With good planning, probate may be completely avoided. Some people find this favorable since doing so can help them avoid paying inheritance taxes, which can significantly lower the value of an extremely valuable estate.
When some of the information might not be accessible to the public, avoiding probate could also preserve privacy.
A revocable living trust is one of the most often used methods of avoiding probate. Although assets are placed in the trust, the trust’s founder is allowed to use them while still alive.
By operation of the trust agreement, assets held in the trust are transferred to the trust beneficiaries upon death. Hence probate is not required and can be avoided.
Very small estates do not require probate
In Florida, if an estate has relatively small property, probate may not even be required. If: The estate qualifies for a “disposition without administration” alternative to probate if;
• The decedent left no real estate behind; instead, their primary assets are what Florida classifies as “exempt personal property,” which includes two automobiles, eligible tuition plans, 529 savings accounts, and some teacher retirement benefits.
• Other property whose worth is not greater than the amount owing in final expenses, as well as a personal property up to $1,000 in value, is excluded from creditors under Florida law.
For the estate to be eligible for disposal without administration if there is no will, it must also meet the following criteria:
• The deceased must have passed away more than a year.
• There isn’t a current probate case in Florida.
How Long Does Florida’s Probate Procedure Take?
The entire procedure usually takes six months to a year. However, because every case is unique, some probates may take much longer.
For instance, if someone disputes the will, the situation may differ greatly from the standard procedure and can take significantly longer to resolve.
Is Florida Probate Expensive?
Generally, the expense of probate exceeds the amount that people are comfortable paying. The individual attempting to probate an estate in Florida must hire a probate attorney for both summary administration and formal administration, as per Florida statutes.
Court fees can rapidly reach or surpass $500 when filing with your county, serving public notices, and filing public notifications. And that’s before you give the probate attorney any money.
Many probate attorneys charge a fixed or minimum price to handle a probate case, then bill hourly for work that goes beyond that.
Some charge a fee based on a portion of the estate. Although probate expenses are not always extremely expensive, you still end up paying more than what you would have if only you planned probating an estate beforehand.
Conclusion
In Florida, the probate process can be a very time-consuming, expensive, and complicated process. Most of the time, understanding the process is far easier than actually going through it.
What’s more, a fresh probate attorney will not only face difficulty when completing and filing the paperwork, but they can also make the entire process stretch out longer than expected and cost you more money in the long run.
This is why it’s important to hire an experienced probate attorney. A probate lawyer can provide you with the information you want and can walk you through the entire process if you have questions regarding the probate procedure.
With that being said, we hope this guide helped shed some light on the probate process in Florida for people who are new to this. Make sure to reread the guide until you fully understand every detail. This will help make the process somewhat simpler and less confusing.