Whether you are working on your will and preparing for the probate process or your loved one recently passed away and you want to learn more about what will happen to their estate, it is helpful to go over various probate topics. For example, make sure you have a solid understanding of the management of assets and liabilities in probate.
When it comes to dealing with a family member’s property in probate, the process is often challenging for multiple reasons. Aside from difficulty identifying and distributing assets in accordance with their will, many people have overwhelming emotions and also face hurdles due to uncertainty and time constraints.
Probate, bank accounts and real estate
According to the Florida Courts’ website, courts distribute a number of assets through the probate process. For example, investment accounts and bank accounts that are in a decedent’s sole name go through probate. Real estate titled in a decedent’s sole name or owned jointly as a tenant in common also goes through probate, except for homestead property. Annuity contracts, life insurance policies and retirement accounts payable to the estate are also probate assets.
Other probate considerations
If you are preparing to file for probate, you should review other issues related to this process. For example, you will have to pay a filing fee and it is helpful to take a careful look at relevant probate forms. In addition to dividing a decedent’s assets among beneficiaries, the probate process also resolves legal matters associated with your loved one’s estate. By working through probate carefully, you can help your entire family move forward.