Are there any assets that are not required to pass through probate?
There are assets that are not required to pass through probate, several categories in fact. A couple of examples would be, first of all, assets that have been assigned beneficiaries through a beneficiary designation form. We frequently see this on assets like retirement accounts, including IRAs and 401(k)s, and also life insurance policies. Another category of assets that do not have to pass through probate are assets that are owned jointly with at least one other person. It may or may not be advisable to put another individual as a co-owner on an asset, but that’s something that an attorney can properly advise you on.
ADDITIONAL RESOURCES:
Does Your Estate Plan Need An Annual Checkup?
No Will? There’s A Way: Florida Intestate Proceedings
Probate & Trust Administration
What Is Probate?
Advantages And Disadvantages Of Probate
Is Probate An Expensive Process?
Understanding Probate: An Overview Of The Florida Probate System
Should I Try To Avoid Probate If Possible?
Estate Planning Basics: Why Avoiding Probate Is Preferable
How Can I Avoid A Long, Complex Probate Process?
Executing An Estate: 8 Key Duties Of The Executor
A Brief Overview Of Portability
Hollow Testaments: Understanding Florida Holographic Wills
Rule 41f And The Continuing Importance Of Gun Trusts