You have done what you can to provide for your loved ones in Florida and elsewhere after you pass. While admirable, the state can drag its feet in distributing the contents of your estate to your beneficiaries, which is a process called probate. Know that you can sidestep probate entirely.
NerdWallet offers insights on putting your estate on the fast track. Make it so that your heirs do not have to wait longer than necessary to receive what is rightfully (and legally) theirs.
Create pay-on-death accounts
If any part of your estate consists of personal accounts or IRAs, look into turning them into pay-on-death accounts. That way, account contents funnel directly to your chosen beneficiaries without having to go through probate.
Establish a revocable living trust
Look into setting up a revocable living trust, so your assets immediately go to your heirs after you pass. Better yet, a revocable living trust also helps your beneficiaries save on inheritance fees.
Give your assets away
To legally avoid government estate tax, look into lowering the overall amount of your estate by giving assets away. Before you gift assets left and right, be sure you read up on the taxes you may incur and overall limitations to gifting assets.
Consider joint ownership
Rather than designating heirs or beneficiaries if you have real estate property you want to pass on, look into making your loved one a co-owner. That way, the property changes hands to the surviving owner upon your passing, which is faster than the asset going through probate. Different types of ownership include community property, joint tenancy and tenancy by the entirety.
This information is only intended to educate and should not be interpreted as legal advice.
