How to Avoid Probate in New Port Richey
There are many reasons your family may want to avoid probate after you pass away. Probate is a court-supervised process that will distribute the property in your estate to your beneficiaries after you pass away. During the process, your entire estate is inventoried, outstanding debts are paid, and more. The process is not only time-consuming but it is also expensive. Below, one of our New Port Richey probate attorneys outlines the strategies you can implement to help your family avoid the process.
Why Do People Try to Avoid Probate?
People try to avoid the probate process for many reasons. Probate can take a significant amount of time. Even simple estates may be in probate for several months while more complex estates can take one year or more before probate is closed. Beneficiaries and heirs cannot receive their inheritance until probate is closed and so, it is understandable that people want to avoid this delay.
Another reason to try to avoid probate is because of the cost involved. There are many costs that must be paid by the estate before probate is closed, including court fees, attorney’s fees, personal representative fees, unpaid debts, and more. When these expenses are taken from the estate, it reduces the overall property left for beneficiaries and heirs.
Probate can also become complicated and families must meet several legal requirements. Families must go through the process and meet all requirements at a time when they are grieving. Eliminating the need for the process can help grieving families move forward after a significant loss.
How to Avoid Probate in New Port Richey
Fortunately, there are many ways people can help their loved ones avoid probate. One of the most common ways is to establish a trust during your lifetime and fund it with property. Trusts are separate legal entities from your estate and so, the property within them is not subject to probate after you pass away. Your successor trustee will follow the instructions you have left in the trust and distribute the property to your beneficiaries accordingly.
Beneficiary designations on life insurance policies, retirement plans, and bank accounts are another good way to help your loved ones avoid probate. These assets are transferred immediately to the beneficiary named on the account and so, there is no need to go through probate.
Owning property as a joint tenant with rights of survivorship or using an enhanced life estate deed (Lady Bird Deed) are other ways to help others avoid the probate process. With either of those two instruments, the property is automatically transferred without the need for probate.
Our Probate Attorneys in New Port Richey Can Advise You of Your Legal Options
You have many options when trying to help your loved ones avoid probate. At Messina Law Group, P.A., our New Port Richey probate attorneys can advise you of the best strategies to help your loved ones avoid the probate process. Call us now at (813) 492-7798 or contact us online to schedule a consultation and to get the legal help you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html
