One of the core reasons for estate planning is to protect your hard-earned wealth and assets for your heirs. Probate is the court-supervised process that administers a decedent’s estate. If your estate undergoes probate, there can be many disadvantages. It can be costly and significantly deplete your assets, putting a financial strain on your beneficiaries. Additionally, the lengthy probate process can add to the weight of their grief. The court proceedings are a matter of public record, which can expose sensitive information about your estate. Public disclosure can make your beneficiaries targets for exploitation.
It is a common misconception that a will avoids the probate process, but this is untrue. Fortunately, there are strategies to help you to circumvent probate. At McGee Law, PLLC, we can guide you in determining the best ways to distribute your estate without the formal and time-consuming probate process.
A Sampling of Approaches to Bypass Probate include:
- Designating Beneficiaries: In Florida, many financial accounts allow you to name a beneficiary who can access those funds by submitting a Death Certificate upon your passing. Payable on death accounts include bank, investment, health savings, insurance policies, annuities, and retirement accounts.
- Establishing Joint Tenancy with Right of Survivorship: This legal arrangement is a form of co-ownership for two or more persons. When one party dies, the other owners automatically assume the interests of the property without the need for probate.
- Establishing Tenants by the Entireties: Married couples are entitled to this legal arrangement, in which each spouse holds an equal share in the property. Upon the death of a spouse, the surviving spouse automatically gains complete ownership of the property. Requirements are that the property is acquired during the marriage, titled in both parties’ names, and designated as tenants by the entireties.
- Creating a Living Trust: Many types of trusts fall into the categories of revocable or irrevocable living trusts. A revocable living trust can be revised or terminated during the creator’s lifetime, whereas an irrevocable living trust cannot be modified or terminated. Each method has advantages and disadvantages that must be examined closely before its establishment to ensure it accommodates the creator’s specific needs and goals. A sampling of trusts includes special needs, charitable leads, charitable remainder, and generation-skipping trusts. Each one has significant financial and tax implications.
- Planning for Business Interests: Business owners often fail to integrate a plan for their business when estate planning. Using the proper estate planning tools can avoid the probate process, minimize taxes, and ensure a smooth ownership transition. An estate plan ensures your business continues as you envision, providing your loved one’s peace of mind and financial security.
Legacy Planning with Your Family in Mind
At McGee Law, PLLC, our probate attorney can help you avoid the court process using the above strategies and more. Every family’s needs are unique, and we offer estate planning techniques tailored to your circumstances. Attorney Jennifer McGee and our legal staff are dedicated to helping you protect your family’s future. As a top-notch probate lawyer, Attorney McGee deeply understands probate law and has a compassionate approach, creating a supportive and reassuring setting for clients as they plan for tomorrow.
Call our Palm Coast, Florida offices at (386) 320-7300 to schedule a FREE CONSULTATION. Preserve your wealth and secure your family’s future with McGee Law, PLLC. Regardless of your age and whether you are single, divorced, have children from a prior relationship, or there is a disabled adult that you want to protect, it is crucial to have an estate plan in place to ensure your loved ones are cared for.
