How to Avoid Probate in South Florida

Understanding how to avoid probate in South Florida.

South Florida maintains a reputation as being home to a significant number of senior citizens and retired persons. Consequently, estate planning represents a more immediate concern for a large segment of the population. If you are a South Florida resident, you may be interested in information about how to avoid probate. There are some specific strategies to employ that allow you the ability to avoid probate, courses of action that save money and permit you to avoid certain probate taxes.

Things You'll Need

• Trust agreement
• Titles or deeds to property

Instructions

1. Establish an irrevocable trust. An irrevocable trust is an estate planning tool that allows you to remove some or even all of your assets from the probate process. By creating an irrevocable trust agreement you designate a trustee to oversee and manage your assets. You designate yourself as a beneficiary during your lifetime. You identify other beneficiaries to take ownership of your property after your death, thereby bypassing the probate courts in South Florida.

2. Establish joint ownership with a right of survivorship to your property with another individual. Florida law permits you to own property with another person with the caveat that when you or the other individual pass on, ownership automatically vests with the other person, completely bypassing the probate process. South Floridians typically create such a legal arrangement in regard to real estate, automobiles and financial accounts.

3. Gift assets to family members and other individuals you otherwise desire to inherit from you at the time of your death. Florida and U.S. law permits a person to give $15,000 in cash or property of an equivalent value to another person annually with no tax consequences. Conveying property in this manner also avoids probate in the South Florida courts. Of course, you need to be certain that you can afford these types of transfers during your lifetime. If you are married, both you and your spouse can make individual gifts of $15,000 during a particular year.

Tips & Warnings

• Estate planning with the objective of avoiding probate is a complex undertaking. Therefore, consider seriously engaging the services of an experienced attorney, accountant or estate planner to aid you in this process.

References

• Florida Probate Code: Estates and Trusts
• Florida Bar Association: Probate in Florida

Resources

• Mega Law: Florida Probate, Trusts, Wills & Estate Law