Avoiding Probate Delays: Designating Beneficiaries & Joint Ownership
Probate is expensive, confusing, and long. Your beneficiaries may not receive the assets you wish to give them for up to a year, or, even longer, depending on the circumstances.
Going over some of the tools you can use to avoid probate delays, and speaking with a Florida estate planning lawyer at the Millhorn Elder Law Planning Group will help ensure that your estate planning wishes are granted.
How Can You Avoid Probate Delays?
You can avoid probate delays by setting up a trust. And, then, putting all of your assets within this trust. Doing this allows those assets to bypass probate entirely, enabling your beneficiaries to receive them right after you pass.
Outside of setting up a trust, you can do two other things: designate specific beneficiaries while setting up joint ownership arrangements for specific assets.
Doing the above allows certain assets to bypass the probate process entirely, without the need for you to set up any kind of trust.
Even though the above is true, there is one thing to note: some assets cannot rely on either of those tools and, as such, if you want those assets to avoid probate, you should set up a trust.
What Does It Mean To Designate Beneficiaries To Avoid Probate?
Many financial accounts give you the ability to designate beneficiaries. You can designate a specific beneficiary for a particular account and, when you pass away, that account will go directly to your chosen beneficiary.
Just as an example, if you have a bank account filled with money, you may be able to choose your son as the beneficiary of this account. And, then, right after your death, this account, and the funds inside, will go to your son.
If you do not designate a proper beneficiary, the account may go through probate. Your beneficiary may not receive the funds for a long time. And, then they do, they may not receive as much, due to probate fees.
How Can Joint Ownership Bypass Probate?
Joint ownership is when two people own the same asset. This can apply to houses and financial accounts, along with a multitude of other assets.
You can select an individual to be a joint owner of your home. And, you can give them a right of survivorship. By doing so, this individual will become the sole owner of that asset, in the event of your passing.
Even though the above is very useful, there is one thing to keep in mind: the joint owner of a particular asset has the right to do what they want with the asset while you are still alive.
A good example of the above is as follows: if your daughter is a joint owner of your home, they can make adjustments to the property, and they have a legal basis to do so, even if you are still alive.
Speak With A Florida Estate Planning Lawyer Today
If you would like to avoid probate, you must work with someone who can help. Speak with a Florida estate planning lawyer today and we will help you develop an estate plan that satisfies your goals.
Sources:
law.cornell.edu/wex/probate
law.cornell.edu/wex/trust
