What Strategies Exist for Avoiding Probate?

Probate is the legal process of distributing a deceased person's assets. It can be a time-consuming and expensive process, which is why some people choose to avoid probate through estate planning.

Common probate avoidance strategies include, but are not limited to:

• Create a revocable living trust - With a revocable trust, you can transfer ownership of your assets to the trust while you're alive. The trustee—who can be you, a family member, or a professional—manages the trust property according to your instructions. When you die, the property in the trust doesn't have to go through probate.

• Name beneficiaries on your accounts - This might include retirement accounts, life insurance policies, and bank and brokerage accounts. By designating beneficiaries, you can ensure that these assets will pass directly to them when you die, without going through probate.

• Own assets with rights of survivorship: Assets with rights of survivorship will pass to the co-tenant without probate. This keeps those assets out of probate.

• Use pay-on-death and transfer-on-death designations: Florida law allows pay-on-death bank accounts, whose funds belong to the surviving beneficiary when the last account owner dies, and transfer-on-death registration of securities, which passes the securities to the named beneficiary by a nontestamentary transfer.

• Creating a proper estate plan - There are many other probate avoidance strategies available. Which one is right for you depends on your specific situation. An experienced estate planning attorney can help you determine which strategy makes the most sense for you and your family.