Do you want to have your estate avoid probate when you pass away? Have you recently created your last will and testament, but worried that your estate may still have to be probated? Are you planning for your estate to not go through probate when you pass away because you have a Florida last will and testament? First, having a Florida will in place is excellent. However, the fact that you have a will does not, by itself, allow your estate to avoid probate. Let us share some information with you.
You should consider other estate planning tools if you want to keep your assets out of probate. Your Florida will is a set of instructions for your personal representative. Your will lets your personal representative know how to distribute all of your assets, which may include a house, a vehicle, bank or brokerage accounts or personal items. However, even though you have written down instructions in your will it does not change the fact that the assets may be subject to probate. Your personal representative will be required to probate your will, and this could possibly take time and money from your estate.
You might want to consider putting your assets into a trust if you are worried about probate. By meeting with your Florida estate planning attorney she may advise you that a revocable trust could be a good way to avoid putting your estate through probate. Now that you have created your revocable trust and put your assets into the trust, your work may not be done if you want your estate to avoid probate. Unfortunately, you may not always be set at this point. If there are any changes in your assets, they must be reflected in your trust. For example, you may sell some assets, acquire some assets but forget to put your new assets into your trust. Be aware that only the assets in your trust will avoid probate. Any other assets you may have acquired but forgot to put into the trust will have to go through probate.
You must be careful to not have any information in your will and in your trust that does not match. If the information in your will does not match the terms of your trust document, then your trust document may prevail. If there are any inconsistencies they may have to be reviewed by a probate court.
Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.