What is a Last Will and Testament?
A Last Will and Testament is a set of instructions that your lawyer drafts for you that lays out exactly how your estate will be administered when you pass away. A Last Will and Testament does not avoid Probate, however, it is extremely important in order to avoid the State of Florida dictating how your estate will be administered. In your Will you will appoint your minor children’s Guardian, your Personal Representative (aka Executor), your beneficiaries, your assets, and so much more. If you are interested in reading more about a Last Will and Testament, read this blog post.
What is Probate?
Probate is the court-supervised process of settling a deceased person’s estate. ie., Settle their final taxes and debts, before transferring their assets to their heirs. Probate can be a lengthy process that can incur significant expenses and costs such as lawyer fees, tax preparer fees, court fees, and so much more. The process begins with the person named as the Personal Representative in the decedent’s Last Will and Testament to hire the attorney that will represent the Personal Representative throughout the case. If you would like to read more about the entire Probate process, please read this blog post.
Will a Last Will and Testament Avoid Probate?
The answer is No. A Last Will and Testament will not avoid Probate. Why? Because when someone dies having assets titled solely in their name with the assets not having a beneficiary name on said assets, the only way the assets are to be transferred to the heirs is through Probate. i.e., Through the court-supervised process. However, a Last Will and Testament will instruct the Personal Representative, the court, the beneficiaries, the lawyers, the creditors, and everyone else involved on who will inherit which asset. The best way to avoid Probate is to use one of the following methods: 1) Revocable Living Trust, 2) Jointly Owned Assets, 3) Beneficiary Designations, 4) Gifting Assets, 5) Life Estate Deeds, and others.
What if I Need More Information About Avoiding Probate?
If you are interested in knowing more, please call our office anytime (24/7) at (813) 897-0295 and schedule your initial consultation today. Thank you.
