The process can be lengthy and costly, typically requiring court appearances and lots of paperwork.
There are two main types of probate administration under Florida law: Formal administration and summary administration. In addition, there is a non-court supervised proceeding called "Disposition of Personal Property Without Administration", but it is only for limited circumstances.
Probate administration only applies to “probate assets” which are assets that are owned solely by the decedent at the time of their death or by the decedent and one or more co-owners without a provision for automatic succession of ownership. Probate assets include, but are not limited to, bank or investment accounts, life insurance policies, annuity contracts, IRAs, and real estate.
A well-crafted estate will increase the proportion of your estate that ultimately goes to your beneficiaries and decrease the amount of time they have to wait for their inheritance.
Some estate planning tools that will help you avoid probate include setting up a revocable living trust, which exempts your assets from probate. Establishing joint ownership of certain assets to exclude them from the probate process or gifting certain assets while you're still alive.
To explore your options, call Parker & Associates at 941-952-0600.
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Parker & Associates, P.A.
1800 Second Street, Suite 700
Sarasota, FL 34236
PH: 941-952-0600
FAX: 941-952-0601
General Contact
Ted Parker
Kathy Morgan
Real Estate Trust
Short Sale Negotiations
Corporate Law
Estate Planning
Landlord Tenant
Probate
Information on this web site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us for more information however contacting through the site us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.
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