Having discussed the probate process and the importance of a probate attorney, we at Reinfeld & Cabrera, P.A. have decided to put together a quick list of some of the ways on how to avoid probate in Florida. By making use of an experienced probate attorney you will be able to avoid probate with relative ease. As the saying goes prevention is better than cure – especially with the guidance of a probate attorney from Reinfeld & Cabrera, P.A.
1. Name a beneficiary:
Property that lists a transfer on death beneficiary (TOD), or a pay on death beneficiary (POD), passes directly to the named beneficiary. Therefore naming a beneficiary is a frequently used method of avoiding probate. You may name anyone you choose as a TOD or POD on each of your vehicles, your checking and savings accounts, and any annuities, retirement savings, CDs, or other investments that you have. With the guidance of an experienced probate attorney such as Reinfeld & Cabrera, P.A. you will easily be able navigate your way through this process.
2. Create a revocable living trust:
Simply put a revocable living trust is a changeable or revocable legal agreement, in which you name someone as trustee/executor of your affairs description. Upon your death, your chosen trustee/executor will acquire legal title. They will then be able to decide what to do with your property and possessions. In this manner you will be able to avoid many aspects of a traditional will. Naming your trustee must be done through extensive consideration, as they will have a big effect on how your property and possessions are handled after death. A living trust is alterable and assists in avoiding probate. However, a living trust does have some disadvantages. In order to set up a trust and to discuss advantages and disadvantages of revocable living trusts contact a probate attorney such as Reinfeld & Cabrera, P.A.
3. Share ownership:
Share ownership means to take title of property with someone else. If you have joint ownership of property or possessions with another person such as a spouse you can avoid probate. When one of the owners dies, the title will simply pass on to the other owner thus circumventing probate. Contact a probate attorney at Reinfeld & Cabrera, P.A. to discuss setting up joint ownership as well as the potential the advantages and drawbacks of creating joint ownership.
4. Gifting items:
A simple way to avoid probate is to give away items that you don’t want caught up in probate proceedings. By gifting away your property or possession (especially more expensive items) it cannot go into probate.
There are various other ways to avoid probate, many of which are state specific. Consult a probate attorney such as Reinfeld & Cabrera, P.A. for comprehensive guidance on how to best avoid probate in Florida.