Probate is a legal process overseen by the court where all assets are gathered, debts are settled, and the remaining estate is distributed to heirs and beneficiaries. While probate serves its purpose, it comes with certain drawbacks that can be avoided with proper estate planning.

One significant disadvantage of probate is its cost. In Florida, attorneys statutory fee is 3% of the estate’s value, more if there is complex litigation.  For instance, in a $600,000 estate, attorney fees would amount to $18,000, reducing the inheritance for intended beneficiaries under the will or heirs at law in an intestate estate.

Additionally, probate proceedings can be time-consuming, taking 12 months to 24 months to complete, and even longer if complexities or litigation arise. During this period, assets are typically frozen, causing delays in distribution. In contrast, avoiding probate allows for quicker and smoother asset distribution.

Moreover, since probate proceedings are public record, privacy is compromised, and creditors become aware of estate details. Those prioritizing privacy may find avoiding probate essential.

Contrary to a common misconception, having a will doesn’t exempt an estate from probate. A will alone cannot bypass probate. A will must be probated and filed with the Court.

However, there are strategies to avoid probate in Florida:

Establishing a trust, such as a revocable trust, tailored to individual circumstances and goals.
Designating beneficiaries contractually, as seen in life insurance policies or retirement accounts- POD or TOD account designations.
Transferring assets through deeds, like an enhanced life estate deed (commonly known as a ladybird deed), which allows lifetime ownership with a remainder interest for named beneficiaries.
Holding property jointly with rights of survivorship, where ownership automatically transfers to the surviving owner upon the other owner’s death.
With the guidance of an experienced attorney, estate planning can be structured to ensure assets pass smoothly and swiftly to beneficiaries, bypassing the probate process altogether.  Call our office to schedule a consultation.