Settling an estate can be a complex process for a Florida family after the passing of a loved one. Depending on how the estate plan was written, it may be necessary to navigate the probate process before closing the estate. Probate is a complicated and often expensive requirement during which a court oversees the payment of remaining debts, distribution of assets and more. Avoiding probate is possible in some cases, saving a family time and money.
Planning is key
Careful planning is critical for the avoidance of probate. Most assets left to another party through a will must go through probate before the intended heir can take ownership. Probate can take months or years to complete, especially if the estate is complicated or large. A person’s will can name a specific trusted individual to oversee the probate process, called the executor.
There are ways to create an estate plan that will make it easier for heirs and beneficiaries to avoid probate. One way to do this is to establish joint ownership of property. It will also help to gift assets during one’s lifetime and establish a trust. The most practical and beneficial way to avoid probate depends on the details of the specific estate.
Working with a professional
An estate planning attorney can help a Florida adult walk through the process of creating an estate plan that will benefit heirs and beneficiaries. To avoid probate, it is possible to implement certain tools that will streamline the process of settling the estate in the future. An assessment of the individual estate will help one make the right decisions regarding his or her wealth and assets.