What Assets Go Through Probate In Florida?
A wide variety of assets can, and often do, go through probate in Florida. By being aware of what these assets are, and working with an estate planning attorney, it’s easy to prevent probate and ensure that specific assets are given to specific people.
What Is Probate?
Probate is a process of asset analysis and distribution. Someone who passes away, but leaves no will or trust, will have their assets go through the probate process.
Since the probate process is conducted by the court, it takes a great deal of time. The people who are legally entitled to certain assets will need to wait for the process to finish.
None of what is involved in the probate process is private, including a deceased individual’s assets. This is because the probate process is a court process. As such, the information that the probate process reveals and works with is available to the public.
What Are The Two Types Of Probate?
Within the state of Florida, there are two types of probate. The two types of probate are as follows:
- Formal Administration
- Summary Administration
Both of these processes differ in a variety of ways. Even so, though, both of these processes can take quite some time to go through, making it more difficult for beneficiaries to receive the assets they are entitled to.
How Long Does Probate Take?
The exact length of time the probate process will take is dependent on a variety of factors. Some of the most notable factors that affect the length of time the probate process will take are as follows:
- Which type of probate administration is being undertaken.
- Whether or not the validity of the will is being questioned.
- Whether or not there are disagreements between the beneficiaries.
- The overall value of the estate.
Each one of these factors can lead to a longer, far more complex, probate process. But, even without these factors in play, probate often takes around nine-months to conclude.
What Assets Go Through Probate In Florida?
A wide variety of assets go through probate in Florida. Some of the conditions that determine whether or not a particular asset will go through probate are as follows:
- Whether or not the asset is in the deceased’s name.
- Whether or not the asset possesses a designated beneficiary.
- Whether or not the asset is payable in the event of the former owner’s death.
- Whether or not the asset was left out of a living trust.
Outside of those conditions, the assets that most commonly go through probate are as follows:
- Investment accounts.
- Bank accounts.
- Stocks.
- Bonds.
- Cars.
- Airplanes.
- Boats.
- Real estate.
- Jewelry.
- Artwork.
Every single one of the assets above can, and likely will, go through probate. But, this is only if the probate process is necessary; a thorough estate plan and an effective will can negate the need for probate and its difficulties.
Speak With A Florida Estate Planning Attorney
Going through probate can be a long, complex process. But, with an effective estate plan and a solid will, your beneficiaries may not need to go through the process.
Speak with a Villages estate planning attorney at the Millhorn Elder Law Planning Group today and we will assist you in developing an estate plan that meets all of your needs and wishes.
Sources:
law.cornell.edu/wex/probate
help.flcourts.gov/Other-Resources/Probate
