Swiren Law Firm, P.A.

Your Legacy

  1. Home
  2.  – 
  3. Probate
  4.  – Do you want to avoid probate? Here is how

Do you want to avoid probate? Here is how

On Behalf of | Feb 4, 2020 | Probate | 0 comments

Most states verify the validity of a will and ensure that they carry out the wishes of the deceased before other people can inherit property. If the dead had no will, the court requires probate to help decide how they will distribute the estates among the loved ones.

According to the Balance, the probate process may take weeks, months, or even years, depending on the size of the estate, which sometimes may be a long wait. However, not all assets go through probate depending on several factors. Also, property owners may avoid it in the following ways.

Joint ownership

The law states that the deceased’s spouse has the right to inherit property. They have the right to all assets they owned jointly. These assets take the form of bank accounts, title deeds, or investments. In such cases, the remaining spouse becomes the sole owner of the assets.

Giving the assets away

Giving away the property before death is another method people use to avoid probate. If there is no property remaining in the deceased’s name, there will be nothing to probate. Giving the estate away to the beneficiaries is a special kind of trust.

Living trust

The Florida Bar states that the trustee will perform all tax requirements of the state in case there is a revocable trust.  Signing a revocable living trust is another method of avoiding probate. The estate of the deceased will then go to the mentioned trust after their death. When the estate finally becomes the property of the trustee, they will not go through a probate process.