Do All Estates Have to Go Through Probate in Florida?

If a loved one has recently died, you may be concerned about that dreaded word called probate. Probate can be a bad word for many family members trying to handle an estate after a loved one’s death. It can be a long and costly process, especially for complicated estates.

The good news is that not all estates go through probate in Florida. Probate is required when a person passes away without a trust and owns assets solely in their name. However, if assets such as bank accounts, insurance policies, annuities, or 401(k) plans have designated beneficiaries or joint owners, probate is not necessary. In the absence of a trust, beneficiary, or joint owner, the assets must go through probate court for distribution.

Keep in mind that probate only applies to assets. Therefore, if a person dies without any assets, for example, then probate would not be required. There are a few other situations in which probate would not be required:

• Trusts. If the deceased had established a revocable living trust, assets titled in the trust’s name pass directly to the beneficiaries without going through probate.
• Jointly titled property. Property held jointly with rights of survivorship, such as a home owned by a married couple, passes automatically to the surviving owner, bypassing probate.
• Assets with named beneficiaries. Assets like life insurance policies, IRAs, or payable-on-death (POD) and transfer-on-death (TOD) accounts generally bypass probate when there is a valid, designated beneficiary.

If probate is required, you may not have to go through the full process. Florida offers simplified probate processes in some cases:

• Disposition without administration. This is used for very small estates where the assets don’t exceed the costs of the deceased person’s final expenses.
• Summary administration. This is available for smaller estates or when the deceased has been dead for more than two years.

How a Trust Can Help

A trust can help avoid probate by allowing assets to be transferred directly to beneficiaries without the need for court involvement. Here’s how it works:

• Direct transfer upon death. Upon the grantor’s death, the assets held in the trust are not considered part of their probate estate. Instead, they are distributed according to the terms of the trust. The person named as the trustee takes over the management and distribution of the trust’s assets to the beneficiaries.
• Bypassing probate. Because the trust owns the assets, they do not go through probate, which is the court-supervised process for distributing a person’s estate. Avoiding probate can provide several benefits: privacy, speed, and cost savings.

Contact Our West Palm Beach Probate Attorney Today

Probate can be a complicated process, but fortunately, not all estates have to go through it.

When you have lost a loved one, you want all the support possible. Get guidance from West Palm Beach probate attorney Brian K. McMahon, P.A. 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.