PROBATE IN MIAMI, FLORIDA- WHY DO WE NEED IT?
Probate court is required when someone dies with assets in their own name. I recently had another husband and wife case. In this case, the wife died first with two bank accounts in her name and no paid-on death beneficiary. This case was different than the New York probate I spoke of in a previous blog, yet came with its own complications. Both husband and wife had testamentary trusts, a type of trust which I do not recommend.
WHAT IS A TESTAMENTARY TRUST?
A testamentary trust is a trust inside of a will. A testamentary trust requires probate and costs more money. A testamentary trust also takes more time, because you are funding a trust after probate court and after a death, and creating a big mess.
WHAT HAPPENED IN THIS LATEST PROBATE CASE?
In this latest probate case, most of the assets were jointly owned by husband and wife. When the wife died, those assets went directly to the surviving husband without probate court involvement. Only two bank accounts required probate court and a court order authorizing distribution, yet this testamentary trust complicated matters and did not fit with the plan. Finally, in this case I revoked the testamentary trust with all beneficiaries signing off and approving the full distribution of the bank accounts to the husband.
HOW DOES A REVOCABLE TRUST HELP ME AND MY LOVED ONES?
Instead of a testamentary trust, I recommend a revocable trust which is created and funded during life and very useful at death. A revocable trust is private, avoids probate court, and gives money directly to the beneficiaries or holds on to it for their benefit. A revocable trust is a great solution for someone who wants to contain their assets, but not give them away.
A revocable trust can be used to house your assets, and carry out your wishes. They can be creatively written to include all of your specific requests.
SHOULD I USE ALLY M. GLASER, PA TO HANDLE MY WILLS AND TRUSTS, ESTATE PLANNING, AND PROBATE MATTERS?
As an Estate Planning, Wills and Trusts and Probate Attorney in Miami Beach, Florida with over twenty-eight years of experience and both a Psychology and Law degree, I handle these matters with knowledge and sensitivity. I am familiar and comfortable with both the Miami-Dade probate court system and Broward County probate court and know how to get things done. I handle both estate planning and probate cases, thus, I am familiar with the challenges of each and provide my clients with additional protections. Call or email me today to discuss your matters. I am happy to help you and your loved ones during this important process.