When you plan your estate, understanding the steps involved in this process is critical. Unfortunately, many assume that as long as they have a will in place, their assets will not have to undergo probate, which is far from the truth. As such, understanding what assets go through the probate process is critical if you have been appointed as the executor of a loved one’s estate. The following blog explores what you must know and why it’s in your best interest to retain the counsel of a Pasco County, FL probate lawyer who can help guide you through these confusing matters.
What Is Probate?
Probate is the process that occurs after someone’s passing in which the courts will oversee the distribution of their assets. This process occurs regardless of whether or not the deceased had a will established. If there is no will in place, the state will assume control of the assets and distribute them according to Florida’s intestate line of session. If there is an established will, the courts will oversee the process to ensure the will is valid, any outstanding creditors have been paid and the assets of the estate are distributed according to the will.
Typically, probate involved the courts retitling assets to the name of the beneficiary. For example, if there is a bank account held in your name, it must be probated to transfer ownership to the intended heir.
Probate can be a long and complicated process if you have a large estate or complex assets. As such, understanding what assets do not have to go through can help make this easier for the executor of an estate.
Do All Assets Go Through the Probate Process?
Typically, only certain assets will be subject to the probate process. Typically, assets held solely in the name of the descendant will go through probate. As such, assets that do not go through this process include those held in trust funds, accounts with named beneficiaries and transfer on-death assets.
Commonly, trust funds are used to circumvent the probate process. This is because these assets are not considered part of the deceased’s estate, since they are held separately in the trust. As such, these assets do not need to undergo the probate process and can be distributed according to the terms and conditions of the fund.
Similarly, if you have a life insurance policy, you’ll find that you can name a beneficiary. This asset will be transferred from the holder to your beneficiary upon your passing. The same can be said for transfer on-death assets, which do not have to go through probate.
As you can see, probate can be complex due to the many factors that must be taken into consideration. That’s why it’s in your best interest to connect with an experienced proabte attorney who can help guide you through these complicated issues. At the Law Offices of Matthew J. Jowanna, P.A., we understand that this process can be overwhelming, especially while grieving the loss of your loved one. That’s why our competent and compassionate team is here to help. We can help you handle the legal complexities to make this process more manageable so you can celebrate the legacy of your loved one.