Probate Law

Probate is the process that takes an individual’s assets and distributes them according to their Last Will & Testament. If there isn’t a Will, the State of Florida has drafted one for the individual.

Any creditors that remain unpaid at the time of death will be paid (if there are funds).

If the estate’s value is less than 5 million dollars, there will likely not be any taxes other than normal income taxes. Real Estate and Brokerage accounts will get a new cost basis, which means when sold, you will be taxed on the gains from the date of death to the sale date. This is a primary reason transfers prior to death need to be calculated. IRAs are a special exception that should be addressed within 12 months of the date of death.

The time period for probate also depends on the size of the estate. Small estates (those valued at less than $75,000, excluding the home, cars, and personal belongings) will last between 2-3 months on average. Other estates will take 6-7 months on average; however, funds can be made available earlier if needed, and people work together.

Still, for some, the idea that their life will be played out in Court is too much. For those people, avoiding probate is important. How we avoid probate will largely depend on the size of the estate. It is possible to avoid probate without the use of a Trust. In fact, our office recommends a trust in very few cases due to the cost and mismanagement by trustees. Our firm believes that all avenues should be researched rather than simply trying to find a one-size-fits-all approach.