What Kinds of Assets are Subject to Probate in Florida?

By Stokes McMillan Antunez Martinez-Lejarza P.A. on August 7, 2023

Understanding Florida’s Probate Law

Florida’s probate law is a legal procedure that determines the distribution of a departed individual’s assets. Discerning which assets undergo probate requires understanding the essence & functioning of probate law in Florida.

Stokes McMillan Antúnez Martinez-Lejarza P.A. is a full-service Florida trusts and estates law firm providing services including, but not limited to, probate, estate planning, trust & estate administration, and trust and estate litigation. If you have any questions or wish to hire our firm, please contact us.

Probate Bonds: Executors’ Estate Safety

A cardinal element of Florida’s probate law is the probate bond. This bond functions as a financial cushion, safeguarding beneficiaries if the executor fails in meeting their obligations. Probate bonds instill an extra security level in the occasionally intricate process of dispensing assets.

The Function of a Probate Attorney

A probate attorney or a trust attorney in Miami, carries a crucial responsibility in steering through the complicated aspects of probate law. They provide legal counsel and guidance to estate executors and beneficiaries, promoting an effortless transfer of assets and curbing potential conflicts.

Which Assets Undergo Probate?

In probate in Florida, it’s pivotal to ascertain which assets are subject to probate. Typically, these encompass any assets that were exclusively in the deceased’s possession at the time of death. These might encompass real estate, vehicles, bank accounts, and personal belongings.

Identifying Probate Assets

Identifying probate assets in Florida is a critical initial step in the probate process. Probate assets could involve items like solely owned real estate, personal property such as jewelry and cars; and financial accounts registered solely under the deceased’s name.

Understanding Probate Asset Exemptions

While many assets reside under the probate umbrella, some are exempt. Assets held collectively with the right of survivorship, life insurance policies, retirement accounts, and assets placed in a trust usually avoid probate in Florida. Knowing which probate assets are exempt and non-exempt is crucial for apt estate planning.

Probate Asset Timeline in Florida

The timeline for probate assets in Florida can vary significantly. Based on the estate’s complexity and the probate attorney’s experience, the process might last either from a few months to several years.

Navigating Probate Assets’ Journey

Knowing what assets go through probate can simplify the estate planning process. An understanding of probate and non-probate assets in Florida assists in readying for potential future legal procedures.

Understanding Non-Probate Assets in Florida

Non-probate assets are ones that seamlessly transfer to a new proprietor upon the original owner’s death. These can comprise joint bank accounts, life insurance policies with a nominated beneficiary, and assets held in a living trust.

FAQs

1. What constitutes a probate asset?

Probate assets are ones owned solely by the deceased and need court interference for beneficiary transfer.

2. Which assets avoid probate in Florida?

Assets owned jointly, life insurance policies, retirement accounts, and assets held in a trust typically avoid probate in Florida.

3. What is the function of a probate attorney in Florida?

A probate attorney offers legal guidance during the probate process, assists in identifying probate and non-probate assets, and aids in asset distribution.

4. How long is the probate process in Florida?

The duration of the probate process in Florida can range from a few months to several years, contingent on the estate’s complexity.

5. What constitutes non-probate assets in Florida?

Non-probate assets are ones that sidestep the probate process and directly transition to a new owner upon the original owner’s demise. These encompass joint bank accounts, life insurance policies, and assets held in a living trust.

Finding a Probate Lawyer in Florida

DISCLAIMER

This article was partly generated by the use of artificial intelligence or AI, and is provided as general information for educational purposes only. This article is not intended to provide specific legal advice, and should not be relied upon as a substitute for competent advice from a licensed attorney. To speak with one of our attorneys all you have to do is click here.If you’re interested in more in-depth ruminations on this area of the law written 100% by a live human being, visit the Florida Probate & Trust Litigation Blog by going to the home page for firm partner Juan Antunez.