HOW IS REAL ESTATE EFFECTED BY A DEATH OF A PART OWNER?
ESTATE PLANNING, REVOCABLE TRUSTS, AND PROBATE IN MIAMI BEACH
Today I am moving back into my home after being tented for termites. Some of us are good with change and others are not. Each time I have to leave my house whether it’s for a good event as in a family vacation or a stressful event, for example, being tented for termites and having to move out for days, I feel it personally. All humans resist change for the most part and some are better at adapting than others. In the case of a loved one dying, there is nothing that we survivors can do, but ride the waves of change. Estate planning gives loved ones that peace of mind that financial and health care decisions have been handled and thus, the loved ones left behind, can focus on mourning a loss and adjusting to a new life, and that is difficult enough. As a Miami-Dade County Estate Planning, Trust, and Probate Attorney, I give people peace of mind by allowing them to choose their heath care and memorial in addition to planning and creating how their assets are managed and loved ones cared for even after they pass away.
WHAT IS PROBATE AND HOW DOES IT EFFECT THE LOVED ONES LEFT BEHIND? HOW IS REAL ESTATE AFFECTED BY THE DEATH OF A PART OWNER?
Probate is the process that is required by law if someone passes away with assets in their own name and no paid on death beneficiary exists. For example, real property in a decedent’s name, now must be handled and transferred or sold through the probate court. Even if real estate is left in two names, if the intent is not specifically stated, this asset can end up in probate court also. I have gotten many calls lately where the people are part owners of real estate in Miami Dade County and the other owner has passed away. This is complicated, expensive and a mess that can be prevented. Once a Miami-Dade probate begins, the bank accounts, businesses, real estate, and all other items owned by the decedent, become restricted and limited to court ordered actions. That means that all activity related to the decedent’s property must be handled by the probate court. Probate court involvement can be by will or no will, if none exists. A will does not avoid probate court being required, it merely helps the Judge determine the beneficiaries.
CAN ESTATE PLANNING PREVENT PROBATE?
Yes, proper estate planning, if done correctly, may avoid probate and the court process. Estate planning clearly states a person’s wishes and intentions regarding their finances and health care. At Ally Glaser, PA, I give my clients the power to choose by assisting them with estate planning while they are able. Probate happens after a loved one passes away and thus, they do not get to choose. Sadly, nor do the loved ones who are now in charge of sorting out the assets, debts, and loved ones left behind. For example, if someone had a business or a house in their own name alone and they pass away, the probate court is now in charge of deciding who should buy the real estate property and at what price and who should run the business or if it should close. Even if real estate is left in two names, if the intent is not specifically stated, this asset can end up in probate court also. Usually, the bank accounts, businesses, real estate, and all other items owned by the decedent, become restricted and limited to court ordered use. In other words, things get very complicated. This problem is compounded by the extremely busy and underfunded Miami-Dade County Probate Court.
WHAT IS ESTATE PLANNING? WHAT IS A TRUST?
For me, Ally M. Glaser, estate planning is the process of creating documents to match my client’s wishes while protecting their loved ones and assets in the case of death or incapacity. A trust can protect you in Florida from probate and guardianship court involvement personally and can also hold the assets for minor beneficiaries and prevent a guardianship from being required for their inheriting money at too young an age. The first step of creating a trust in Florida is to hire a trust attorney. I am experienced in Trust creation and can assist you in these matters.
WHY SHOULD I USE AN EXPERIENCED PROBATE, TRUST, AND ESTATE PLANNING ATTORNEY?
As an attorney in Miami Beach, Florida with over twenty years of experience, I am knowledgeable and comfortable discussing estate planning matters and all of the details involved in creating a personalized estate plan for you. I am skilled in protecting both your assets and loved ones and have both a law and psychology degree allowing me to easily navigate through this sensitive area of law.
ALLY GLASER PA IN MIAMI BEACH, FLORIDA IS UNIQUE
My firm, Ally Glaser, PA, in Miami Beach, Florida, is a unique, boutique law firm. We do holistic estate planning and also handle probate and trust administration matters with care and concern for the loved ones left behind. I am happy to help you during these challenging times.