What Assets Do Not Pass Through Probate in Florida?

When a loved one dies, their estate will most likely go through probate, unless they had absolutely no assets or they were held in a trust. Nobody likes the thought of probate, as it can be a lengthy and costly process. Plus, the process can take an emotional toll on grieving family members.

There is a silver lining to this: not all assets have to go through probate. There are several that bypass this process, making the process a little easier for those who have to deal with this. Here’s a look at them.

Any Assets in Revocable Trusts

Many people use trusts for the sole purpose of avoiding probate. Any assets in revocable trusts are not subject to probate.

Joint Accounts

If the deceased had a joint account with someone, the other person would automatically have sole possession of that account. They would get all the assets without the need for probate.

Accounts With Designated Beneficiaries

Assets with named beneficiaries, such as life insurance policies and retirement funds, are exempt from probate. The beneficiary will automatically receive the proceeds.

College Tuition Programs

Florida has a couple college tuition savings programs in place. These programs, such as the Florida 529 Savings Plan and the Florida Prepaid College Plan, are exempt from the probate process. These funds are safeguarded from probate so that the intended beneficiary is able to attend college and access all other educational opportunities that the funds were meant to provide.

Homestead Property

Homestead property in Florida is not considered part of the estate to pay creditors. It passes directly to the surviving spouse or heirs, ensuring they have a place to live. This exemption helps prevent the forced sale of the home to meet estate debts.

Vehicles

In Florida, up to two motor vehicles may be exempt from probate. These must be cars that were regularly used by the deceased or their immediate family as personal vehicles. This exemption ensures that family members will not be without a means of transportation during this difficult time.

Furniture

Household furniture is exempt from the probate process, up to a certain amount. This is because household items are of importance to the surviving family members. It ensures that they are not left without the basic necessities of daily life while the estate is being settled.

Contact Our West Palm Beach Probate Attorneys Today

Probate can be a tricky subject to deal with, especially as you are dealing with the loss of a loved one. It can be hard to understand all the rules regarding assets.

Get help from West Palm Beach probate attorney Brian K. McMahon, P.A. We understand the probate laws of Florida and can guide you through the process. Our compassionate, empathetic attorneys will work to ensure your rights are protected during this difficult time. Call (561) 658-1789 or fill out the online form to schedule a consultation. We serve the West Palm Beach, Boca Raton, Port St. Lucie, and South Florida areas.