The passing of a family member is
one of the most difficult times in anyone’s life. The grieving process can
become considerably more trying when the distribution of the deceased’s assets
is unclear or in dispute. This is why it is essential that you have an estate
plan in place that provides a clear procedure for the distribution of your
assets. It is also important to have a general understanding of the probate
process that may be necessary to distribute your estate and the methods for
avoiding unnecessary costs.
Whether or not you have a Will, there are a few ways to
ensure that certain assets will be automatically distributed. For one, any real
or personal property that is jointly held by yourself and another person with a
right of survivorship or by the entireties goes straight to that surviving
person. Examples include a homestead owned by a married couple, a joint
checking account, and a vehicle titled as “John Doe or Jane Doe”. Next, any asset that has a designated beneficiary
upon the holder’s passing - which includes life insurance proceeds and
payable-on-death accounts - automatically go to that named beneficiary.
Similarly, any asset placed in a living trust usually goes straight to the
designated beneficiary upon your passing. The proper titling of assets can go a
long way toward avoiding the emotional toll and considerable effort required to
distribute assets that would otherwise be in dispute.
Having a well-drafted Will may be sufficient to avoid the
probate process, however it is a common misconception that having a Will
automatically eliminates the need for probate. For that reason, it is always recommended
that when creating your Will you use an attorney whom you trust and that you provide
full disclosure of your assets and desires, as this will allow your attorney to
draft your Will with the maximum protections in place. Also, it should be noted
that in Florida it is required that your Will be filed with the Clerk of Court
within ten days of your passing in all situations.
The general idea behind probate is that your Personal
Representative identifies the assets in your estate, uses these assets to pay
off any creditor claims or taxes that are owed by the estate, and then
distributes the remaining assets according to the terms of your Will or the
Florida Statutes should you not have a Will. The probate process can be very
complicated and is highly specific to each particular estate and the family
members involved.
Probate can be an extremely emotional and trying time for
your family members who are in the process of grieving their recent loss. One
of the greatest gifts you can give your family is to minimize the financial
impact of your passing by jointly titling your assets and designating
beneficiaries wherever possible, and working closely and openly with a trusted
attorney in drafting your Will.
Written by: Attorney Dylan Hall
