Florida Probate (Part 2 of 2)

FLORIDA

PROBATE (PART 2 OF 2)

Better Understanding on Probate Procedures and Laws Through the Estate Planning Process

ROBERT J. KULAS FLORIDA ESTATE AND MEDICAID PLANNING ATTORNEY

http://kulaslaw.com/estate_planning/index.php/estate-planning/

Florida Probate: Part 2 of 2 www.kulaslaw.com 2

In our second discussion on probate in

Florida, we are going to take the time to look

in more detail at some key probate issues.

While it isn’t necessary for the average

person to have an extensive grasp of probate

procedures and laws, having a basic

understanding will greatly help you when

you go through the estate planning process.

PROBATE TYPES

In Florida there are three basic types of probate: disposition without

administration, summary administration, and formal administration.

Though each type is slightly different, only estates that meet specific

requirements can be probated through either summary

administration or disposition without administration. All other

estates have to go through formal probate.

PROBATE PROPERTY

It’s important to point out that even though people can die leaving

behind property, not all of that property will have to pass through

probate. Though your attorney will give you more detailed

information about the types of property that can avoid probate, and

how you can take advantage of these, what you should realize is that

some property will transfer regardless of what happens during

probate.

● ● ●

The general rule about people who die leaving behind debts is that it is

the estate’s responsibility to

pay for those obligations.

● ● ●


For example, if you have a life insurance policy and name your spouse

as your beneficiary, your spouse will receive the insurance benefit no

matter what happens in the probate process. Other property, such as

property

you own

jointly,

or

property

that

allows

you to

name a

transfer on death recipient, will also transfer outside of any probate

process.

ESTATE DEBTS

A common concern that a lot of people have is the question of who

will be responsible for paying debts left behind by a deceased family

member. Many people worry that if, for example, their spouse dies,

they will be responsible for paying any debts the spouse had.

The general rule about people who die leaving behind debts is that it

is the estate’s responsibility to pay for those obligations. In other

words, the family and friends of the deceased person will not usually

be responsible for paying back any debts left behind by that person.


For example, let’s say that your spouse dies. You find out that your

spouse had credit cards that had a total of about $25,000 in unpaid

bills. Will you

have to pay

those? If your

spouse owned

those credit

cards as an

individual

account holder,

you will not have

to pay those unpaid bills.

After your spouse dies, the estate administrator will use estate money

to pay for any unpaid debt. If the estate doesn’t have enough money

to pay all of the unpaid estate bills, then the administrator will have to

determine which creditors get paid and which do not. In this

situation, though you would not receive an inheritance, it would not

fall to you to repay any unpaid debts regardless of whether the estate

had enough money to pay them all back.

However, there is one key exception to this general rule. If you had a

joint debt with the deceased person you will still be obligated to repay

the debt. Let’s say that in the example used above, the credit cards

your wife had were in both your and her name. Even though you

never used the cards, you would still be obligated to repay the

outstanding debt because you and your spouse were co-debtors.

Regardless of what inheritance you might receive from the estate, or


what the estate does to pay the bill, the credit card companies could

still pursue you for any unpaid obligations on those cards.

AVOIDING PROBATE

When clients learn about how complicated and time-consuming probate

can be, they often want to know if there is anything they can do about

avoiding probate. While the answer to this question will depend on your

individual circumstances, in most situations there is a lot you can do to, at

the very least minimize,

if not completely avoid,

the necessity of probate.

For example, one of the

most popular estate

planning tools around

today is the revocable

living trust. This trust

gives you the ability to transfer property to your heirs outside of the normal

probate process. When you create your trust you create an entity that can

own your property. This entity will survive your death, and because you

don’t own the property anymore, there will be no need for it to go through

probate. This way you can create a trust, make your inheritance choices in

the trust document, and use the trust to distribute inheritances outside of

probate.

TALK TO A PROBATE AND ESTATE

PLANNING ATTORNEY


Probate is one of the more notoriously complicated areas of the law.

Whether you are someone who has been confronted with the recent

death of a close family member or loved one, are worried about what

your family might have to face should you die, or simply have

questions you want answered, taking the time to talk to a probate and

estate planning

lawyer is absolutely

essential.

Probate is not

something that you

can understand

intuitively. It is both a

set of laws and a

process, and all of it is complicated. Regardless of your individual

circumstances, talking to probate an estate planning attorney will

always benefit you by saving you time, and in the long run, money.

Further, if you haven’t already done so, creating an estate plan that

focuses on probate mitigation and avoidance is absolutely essential if

you want to make it as easy as possible for your family to inherit

property after you die. Even a simple estate plan can provide

significant probate mitigation benefits, not to mention all the other

benefits of such a plan will provide you and your family.

In short, if you are facing a probate issue or need assistance, talk to an

experienced attorney right away. The longer you wait, the fewer

options you will have.


About the Author

Robert J Kulas

Robert is the founder and principal shareholder in the Port St. Lucie and Vero Beach law offices of Robert J. Kulas, P.A. Because he believes that helping his clients manage their personal affairs wisely is one of the most worthwhile professional activities he can pursue, he has devoted his practice exclusively to estate planning.

Robert has invested considerable time and energy helping to educate others in estate planning and is widely regarded as a dynamic speaker who can make even the most complex estate planning issues easy to grasp. He provides free monthly seminars to inform the public on the importance of proper estate planning. Over the past twenty years, thousands of people have come to hear him speak. “Helping people understand their options for estate planning is very important to me,” Robert said. “I like to think that people in our community can look to me for the kind of quality information they need to decide what is best for them and their families.”

About Robert J. Kulas, P.A. Attorneys at Law

Robert J. Kulas, P.A. Attorneys at Law is a full service estate planning and wealth preservation law firm servicing Port St. Lucie and Vero Beach, Florida.

The firm is dedicated to providing you with quality estate planning resources, so you can become familiar with all of the existing options. When you visit or call the office, we want you to feel comfortable discussing such an important issue concerning both you and your family. We want to arm you with the information you need to make an informed decision about your family's future.

www.kulaslaw.com

East Lake Professional Center

2100 SE Hillmoor Drive, Suite 105 Port St. Lucie, FL 34952 Phone: (772) 398-0720

Univest Building 2770 Indian River Blvd., Suite 321

Vero Beach, FL 32960 Phone: (772) 778-8481

http://www.kulaslaw.com/

Florida Probate (Part 2 of 2)

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Transcript of Florida Probate (Part 2 of 2)