Probate is often a long and expensive process in the state of Florida, which is why most people who plan ahead to put their affairs in order make it a priority to avoid probate. Even if you have an extensive estate with a variety of assets, there are many options to avoid probate. Here are a few of the actions you can take with the available approaches.
Designate Account Beneficiaries
It is simple to keep your bank and retirement accounts as well as your life insurance policy out of probate. Just designate beneficiaries for each of your accounts, and at your death, those assets pass to your designees.
Establish A Revocable Trust
Putting property in a revocable trust helps you pass as much of your estate as possible to your heirs. A lawyer can help you legally establish a revocable trust, which true to its name, can be changed throughout your lifetime.
Consider Setting Up An Enhanced Life Estate
Also known as a “Lady Bird Deed,” an enhanced life estate deed is another probate-avoiding approach to estate planning. This type of deed designates a transfer of real estate from the owner to the beneficiary that happens at the owner’s death. A Lady Bird Deed does not disqualify a person for Medicaid eligibility.
An experienced estate planning law attorney can be of invaluable help to help you decide what approaches are the most applicable to your situation. The time spent learning about how to plan so your estate avoids probate can pay dividends for your heirs.