Can I Avoid Probate in Florida?

The average person does not want to go through probate. The process can be lengthy. It can take a long time for a person to receive assets.

The good news is that there are ways for a person to set up their estate and accounts so that their heirs can avoid going through the probate process. Avoiding probate in Florida can help streamline the transfer of assets and reduce costs for your beneficiaries. Here is how you can do it.

Revocable Living Trust

A revocable living trust is one of the most effective ways to avoid probate. You create the trust and transfer assets into it while you are alive. As the trustee, you maintain full control, allowing you to buy, sell, or change assets as needed. Upon your death, a successor trustee distributes the assets to beneficiaries per your instructions, completely bypassing probate.

A trust provides privacy and allows for incapacity planning. However, it requires proper setup and funding.

Joint Ownership with Right of Survivorship

When two or more people own property jointly with the right of survivorship, the surviving owner automatically inherits the property upon the other owner’s death. This is commonly used for homes. However, this can create complications if the co-owners are not spouses.

Transfer-on-Death (TOD) and Payable-on-Death (POD) Accounts

These designations allow financial assets to pass directly to a named beneficiary upon your death.

• POD accounts. These are used for bank accounts, CDs, and savings accounts. The named beneficiary provides a death certificate to claim the funds.
• TOD accounts: These are common for investment and brokerage accounts, allowing the account to pass outside probate.

Lady Bird Deed

A lady bird deed allows you to keep full control of your real estate while alive but automatically transfers ownership to a designated beneficiary upon your death. Unlike a regular life estate deed, you can still sell or refinance the property during your lifetime. It allows for Medicaid planning and maintains homestead protections.

Beneficiary Designations

Certain assets allow you to name a direct beneficiary, meaning they bypass probate upon your passing. These include:

• Life insurance policies. Proceeds go directly to the named beneficiary.
• Retirement accounts (IRA, 401(k)). Funds pass directly to designated beneficiaries without probate.
• Annuities. They automatically transfer to the named beneficiary.

The process is fast and simple, with no legal fees. However, you must keep designations updated or assets could still end up going through probate.

Contact Us Today

Probate is a lengthy and costly process that many people want to avoid. The good news is that there are ways to avoid it.

When you have lost a loved one, you want all the support possible. West Palm Beach probate attorney Brian K. McMahon, P.A. will ensure your legal rights are protected. To schedule a consultation, fill out the online form or call (561) 658-1789. We serve the West Palm Beach, Boca Raton, Port St. Lucie, and South Florida areas.