What Are Probate And Non-Probate Assets?
It is important to understand the difference between probate/non-probate assets when it comes to estate planning in Florida. Probate assets are those that pass through a will or trust, while non-probate assets are those that do not require a probate court proceeding in order to be distributed.
The Pompano Beach probate vs. non-probate assets lawyer at Mark R. Manceri, P.A., can help you distinguish the difference between these assets to ensure that your assets are transferred to beneficiaries more quickly and easily.
Probate Laws in Florida
Probate laws in Florida are the rules and regulations that dictate how estate assets are distributed after a person’s death. In the state of Florida, all probate assets must pass through the court system before being distributed to heirs, while non-probate assets do not.
When it comes to probate law in Florida, it is essential to understand that all of a person’s assets must be accounted for and properly distributed according to their wishes. This means that any assets owned solely by the deceased will pass through probate court even if they have a valid will in place.
The process for determining who inherits what is outlined in the state of Florida’s Probate Code (Chapter 731) as well as relevant case law. The probate process can take anywhere from six months up to two years depending on how much research needs to be done and how complicated it is for an executor/administrator to uncover information about debts owed and other details related to estate planning matters such as trusts set up prior to death.
As such, it is important for those looking into probating an estate in Florida to take their time researching applicable laws and seek help from professionals such as attorneys when needed so that their loved one’s final wishes are respected appropriately according to legal standards set forth by state law.
Probate vs. Non-Probate Assets
Knowing which type of assets you have can help you make informed decisions about how you should use them. Let’s discuss the difference between probate/non-probate assets.
Probate assets are those that must be transferred through the probate process due to the lack of an effective transfer document, such as a will or trust document. This is because they cannot be distributed without court oversight and approval. Examples of probate assets include real property, tangible personal property, bank accounts with no named beneficiaries, life insurance policies with no named beneficiaries, and any other asset that does not have an alternate method of distribution established by law.
Non-probate assets are those that pass directly to a beneficiary without going through probate proceedings and can be distributed without court oversight or approval. These types of assets typically have designated beneficiaries on documents such as trusts, wills, insurance policies, retirement plans, or accounts with payable-on-death (POD) provisions or joint tenancy arrangements. Therefore, these types of assets avoid the lengthy and costly process of probating a will or trust document in order for distribution to occur.
Contact Mark R. Manceri, P.A., for Legal Guidance
Understanding whether your asset is considered a probate or non-probate asset is essential for making informed decisions about estate planning in Florida. While probate assets require court oversight and approval before they can be distributed, non-probate assets avoid this lengthy process due to their direct transfer methods.
Contact a probate vs. non-probate assets lawyer at Mark R. Manceri, P.A., to discuss which types of assets you have to ensure that you make the right decision when it comes to managing your estate plan efficiently and cost-effectively. Call 954-491-7099 to get a case review.