Selling Your Property To Avoid Probate In Florida
The probate process is time-consuming, expensive, and challenging. But, with proper estate planning, you can avoid probate entirely, allowing your beneficiaries to receive their assets in a timely manner.
Going over one of the ways in which this can be accomplished, and speaking with a lawyer, will allow you to avoid probate in an effective, legal, and efficient manner.
What Is Probate?
Probate is a process that involves gathering, and assessing the assets within your estate and, then, distributing those assets to the people whom you would like them to be given to.
On its own, this is fine. But, there are several problems with probate that must be considered.
The first of these problems is the fact that probate takes a great deal of time. And, for this very reason, it is not uncommon for beneficiaries to spend months and months waiting before they can receive their inheritance.
The second problem is that probate is expensive. And, in order to take care of these expenses, the court fees are taken out of your estate, meaning that your beneficiaries will receive less than you would like them to.
The third, and final, problem, is that probate can lead to litigation. This litigation can, and will, lengthen the probate process, while also making it harder for your beneficiaries to receive what you have given them.
Given the problems outlined above, it is almost always in your best interest to avoid probate.
Can You Sell Your Property To Avoid Probate In Florida?
The answer to the question outlined above is “Yes.”
Or, more specifically, it is “Yes,” but only to an extent.
You can sell certain types of property to those you wish to give it to. And, in doing so, you can avoid probate, as that property will be in the name of the person whom you sold it to.
Just as an example, let’s say that you want to give your house to your daughter.
You can sell that house to your daughter and, in doing so, she will now own that house.
The house won’t need to go through probate, since it’s already in your daughter’s name.
Even though this is an effective strategy, there is one problem: you probably don’t want to sell the assets you wish to give your beneficiaries, since the whole purpose of an estate plan is to give them those assets.
Can You Gift Your Property To Avoid Probate In Florida?
You can gift your property to avoid probate in Florida.
Just as with selling your property, though, there is one major issue with this: if the assets are really valuable, then doing so can lead to federal – not state – tax liabilities that will need to be taken care of.
Given the facts outlined within this guide, the best way for you to avoid probate is to develop a trust that will protect your assets, and allow them to go to your beneficiaries right after you pass.
Speak With A Florida Estate Planning Lawyer Today
A good trust will bypass the probate process, allowing your beneficiaries to receive what you wish to give them quickly, and easily.
Speak with a Florida estate planning lawyer at Millhorn Elder Law Planning Group today and we will help you develop a good trust that satisfies your estate planning wishes and goals.
Sources:
help.flcourts.gov/Other-Resources/Probate
irs.gov/businesses/small-businesses-self-employed/gift-tax
