Certain Assets Will Not Go Through Probate

The probate process is used to ensure that your assets are validated, any remaining debts are paid, and then, that your assets are distributed to the individuals named in your will.

Even though probate is meant to encompass all of your assets, there are certain assets that will not go through probate.

Going over the assets that will not go through probate, and speaking with a lawyer, will help you develop an estate plan that satisfies your wishes. 

What Is Probate? 

Probate is a process that allows the court to validate your assets. And, after validating your assets, they use what is in your estate to pay off any debts, in the event that you have any.

Right after those two things are completed, your assets will be distributed to your beneficiaries. This, too, is a part of the probate process.

The probate process serves several purposes. But, it takes a long time and is quite expensive. Both of these things mean that your beneficiaries may not receive the assets you wish to give them for a long time. 

What Assets Will Not Go Through Probate? 

The assets that will not go through probate are as follows:

1. Property you own jointly, with another person. This property must come with survivorship rights.
2. Life insurance policies and retirement accounts.
3. Transfer on death and payable on death accounts/policies.
4. College tuition savings plans in certain types of college savings accounts.
5. Furnishings and appliances within the household that are worth no more than $20,000.
6. The assets you hold in a trust. 

You can find one example, for every single one of the above, in the space below; 

1. If you share a house with your spouse, that house will not, in most cases, go through probate.
2. If you have a life insurance policy worth $50,000, it will go directly to the person named on the policy.
3. If you have a brokerage account that transfers to your spouse after your death, it won’t go through probate.
4. If you set up a college savings account for your son, it will not go through probate.
5. If you have standard furniture and kitchen appliances in your home, they usually won’t go through probate.
6. If you set up a trust and put your car in the trust, that car will not go through the probate. 

The above are never guaranteed. A good attorney will ensure that your assets are protected from probate.

How Can You Protect Your Assets From Probate? 

You can protect your assets from probate by making a list that includes every single one of your assets. And, after doing so, you can work with an attorney, who will help you set up a trust.

A trust can protect your assets from probate. This is because, when you put your assets in a trust, they will not need to go through probate. When you pass away, they will go straight to your beneficiaries. 

Speak With A Florida Estate Planning Lawyer Today 

If you would like to protect your assets from probate, you should work with someone who can help. Speak with a Florida estate planning lawyer at Millhorn Elder Law Planning Group today to receive the estate planning assistance you need.

Sources: 

law.cornell.edu/wex/probate

law.cornell.edu/wex/trust