Determining if assets are subject to probate

Determining if assets are subject to probate

| May 23, 2020 | Estate Planning |

After a person dies, there is a chance that some or all of that person’s estate will be subject to probate. Generally speaking, Florida law dictates that assets that are passed by a will go through probate.

If an asset was titled in the deceased person’s name, it will typically need to go through probate before it can be distributed to another person or entity. In most cases, it doesn’t matter whether the item in question is a bank account, a home or a television that was purchased a decade ago. Many people will create trusts in an attempt to avoid probate. However, if items are not titled in the trust’s name, they might be left out of it when an individual dies.

Creating a pour-over will may ensure that property eventually makes its way into a trust. However, the items that are transferred to the trust will likely be included in a probate case. If an asset has a tenant-in-common designation, it will typically be included in a probate case as well. Transferring the asset to a living trust may exclude it from this process after a person dies.

For some, avoiding probate may make it faster and less expensive for family members to settle their loved one’s estates after they pass on. However, those who have limited assets may find that probate will likely be a relatively quick and affordable process for surviving family members to complete. A pobate and estate administration attorney may be able to provide guidance as to whether an individual should make avoiding probate a top priority when crafting an estate plan.