You want to be able to leave your assets to the people you care most about after your death. You do not want those assets to be tied up in a long, drawn-out, and expensive legal process known as probate. Fortunately, the knowledgeable probate attorneys at Veliz & Associates, P.A. might be able to explain how you can avoid probate in Coral Gables, and retain greater control over your legacy.
Probate is the legal process that an individual’s estate goes through after they pass away. When an estate goes through probate, the court begins the distribution of a decedent’s estate to their heirs. Many people falsely assume that if they enact a valid will during their lifetime, their estate will not have to go through probate, but even estates with wills generally must go through this procedure. The probate process with a will is less complicated because a will gives a probate court a starting point to begin the distribution of a decedent’s estate.
However, a will does not self-implement under Florida law and requires the probate court to fulfill its instructions. A local attorney could explain how probate works and the ways it can be streamlined or avoided altogether.
While probate is the default outcome of estate distribution, that does not mean it is always ideal. There are a few disadvantages to going through the probate process.
Probate can be lengthy, and while some estates can be administered in just a few months, others can take as long as two years, especially if the estate contains considerable wealth. During the probate period, a decedent’s intended beneficiaries will not have access to the assets. Going through probate can put an unintended financial burden on grieving family members to pay for their other bills.
In addition to being time-consuming, probate can also be expensive. The estate usually pays a fee to the executor of the will, or a personal representative if there is no will. In addition to the personal representative’s fee, there are also attorney’s fees which may be about 3% of the value of the estate assets, and in some cases even higher.
When an estate goes through probate, the results will be made public. Anyone can access the results and find out the value of the estate, and who now owns it, which can be a complication for wealthy or well-known individuals.
A person in Coral Gables may find it is in their best interests to avoid probate, if possible.
Attorney Ana M. Veliz could help an individual develop legal ways to transfer ownership of their property without having to send it through probate. There are a few options for this.
Florida law allows someone to create living trusts for their property, money, and other assets. An attorney could create a plan with a trust document, and although that is a good start, an attorney should also assist you with the transfer of ownership of assets into that trust. The individual creating the trust would be the initial trustee, and upon their death, a named successor trustee would take over management of the trust assets. The successor trustee’s job is to transfer the trust assets pursuant to the instructions in the trust, without having to go through probate.
There are specific types of trusts that can be used to minimize the federal estate tax obligation, if one applies.
Married couples can own many types of property together as tenants by the entirety, and the property just passes to the surviving spouse upon the death of the other spouse. Florida law also allows people to name others as owners on certain accounts and property as joint tenants with survival rights.
A person can name transfer-on-death or payable-on-death beneficiaries to certain securities, stocks, and bonds, and other accounts.
There may be more ways to avoid probate in Coral Gables that are better suited for a person’s financial profile. A seasoned legal team could determine which legal method would work best.
Due to its length and expense, many people want to know how to avoid probate in Coral Gables. Veliz & Associates, P.A. has helped create estate plans that allow you to transfer your assets to your loved ones without triggering the probate process. Schedule a consultation and work with Attorney Ana M. Veliz on exploring your legal options for avoiding or bypassing probate.
We evaluate your case and determine how we might be able to help.
We will meet with you to discuss your next options and lay out a plan.
Our team guides you throughout the process so you feel confident about your choices.
(305) 250-9917