Probate is the legal process of settling the estate of a deceased person. It involves identifying and gathering assets, paying debts and taxes, and distributing assets to heirs or beneficiaries. Myths about Florida probate are common and can cause confusion and anxiety for those who have to deal with this process.
Below, we will debunk some of the most prevalent myths and provide you with accurate and reliable information.
Common Myths about Florida Probate
Myth #1: Probate is always required in Florida
One of the most widespread myths about Florida probate is that it is always required, regardless of the size or complexity of the estate. This is not true. In fact, there are several ways to avoid probate in Florida, such as:
- Having a living trust that holds the assets and names a successor trustee and beneficiaries
- Having joint ownership of assets with rights of survivorship, such as bank accounts, real estate, or vehicles
- Having beneficiary designations on assets such as life insurance policies, retirement accounts, or annuities
- Having payable-on-death or transfer-on-death accounts
If you have any of these arrangements, your assets will pass directly to the designated beneficiaries without going through probate.
Myth #2: Probate is always expensive and time-consuming
Another common myth about Florida probate is that it will eat up a large portion of the estate and take years to complete. This is also not true. The cost and duration of probate depend on several factors, such as:
- The size and complexity of the estate
- The type of probate proceeding
- The number and nature of the creditors and beneficiaries
- The existence and validity of the will
- The cooperation and agreement of the parties involved
- The efficiency and expertise of the attorney and the court
In Florida, there are two types of probate proceedings: formal administration and summary administration.
Formal administration is a complex process, which requires the appointment of a personal representative, the filing of an inventory and an accounting, the payment of fees and taxes, and the distribution of the assets.
Summary administration, on the other hand, is a simplified and faster process that is available for estates that are worth less than $75,000 or that have been inactive for more than two years.
The average cost of probate in Florida ranges from 3% to 7% of the gross value of the estate, depending on the type of proceeding and the attorney’s fees. The average duration of probate in Florida ranges from 6 months to 12 months, depending on the type of proceeding and the court’s backlog.
Myth #3: Probate is always public and contentious
Many people think that Florida probate exposes the decedent’s estate and their family to unwanted scrutiny and disputes. This is also not true.
While probate is a public process and the documents filed with the court are accessible to anyone, there are ways to protect the privacy and the harmony of the estate and the family, such as:
- Having a valid will that expresses your wishes clearly and unambiguously
- Having a living trust that holds the assets and avoids probate altogether
- Having a mediation or arbitration clause that requires the parties to resolve any conflicts amicably and privately
If you have any of these arrangements, you can reduce the chances of having a public and contentious probate. However, you should consult a qualified attorney to make sure that your estate plan is valid and enforceable in Florida.
Do You Need Help with Probate in Florida?
Probate is not a scary or dreadful process, as long as you have the right information and the right guidance.
If you have any questions or concerns about probate in Florida, or if you need help with your estate planning, you should contact Jurado & Associates, P.A.
Our phone number is (305) 921-0976, our email is [email protected], and our WhatsApp is +1 (305) 921-0976.
We will be happy to assist you and provide you with the best legal service possible. Do not let scary myths about Florida probate stop you from achieving your goals and protecting your legacy. Contact us today and let us help you with your probate and estate planning needs.
