Probate is the processes through which the assets of a deceased person are transferred to his or her heirs. Florida law requires a Florida probate court proceeding if the deceased was a resident of Florida, or owned assets in Florida.
During probate, a personal representative will be appointed by the court to manage the assets, pay any debts, file tax returns, and the estate assets to the heirs. If the court requires supervised probate proceedings, the probate court judge must approve every detail of the estate administration.
Since the probate process is normally lengthy, costly and public, many try to avoid it altogether. The following are strategies that allow property to avoid probate:
- Property held as joint tenants with a right of survivorship, or as tenant by the entirety
- Life insurance or bank accounts listing a beneficiary on the account
In the event probate cannot be avoided, don’t hesitate to contact us at Granados Davey LLP for your probate needs.