ESTATE PLANNING IN MIAMI BEACH, FLORIDA, MY PARTNER AND I BOTH OWN REAL ESTATE, ARE WILLS GOOD ENOUGH?
I receive calls on this topic all the time. A couple is together, yet not legally married, how do they protect themselves and each other? Wills are not enough. A trust is a must if you have real estate and assets in your own name alone. Wills are merely a map for the probate court to follow. A trust done properly, can eliminate the need for probate court.
In the case above, each real estate property can be placed into each of their trusts. Supplemental documents, like health care documents, pour over wills, and powers of attorney can protect the couple further. They can even both keep their homestead exemption with these trusts.
WHAT IS PROBATE COURTAND WHY DOES IT TAKE SO LONG?
Probate court in Miami is the process where loved ones, even those personal representatives named in a will, must hire an attorney and begin a court process to prove all details related to the decedent. Affidavit of heirs are often required as well as notice to creditors and time is often given for creditors to come forward, and many other documents are required by the court. The court process takes anywhere from six months to a year or more and can all be prevented with proper planning. A trust is a must.
WHAT HAPPENS TO MY REAL ESTATE IF IT IS IN A TRUST?
Real estate in a trust is a great option to prevent probate and there are many other benefits to putting your real estate in a trust. The trust can hold the property during life, death, or even during incapacity. The need for a guardianship is eliminated with proper planning. Finally, another advantage is your loved ones can be layered and assets can remain in trust for their benefit.
As a Miami Beach Estate Planning, Wills and Trusts and Probate Attorney in Miami Beach, Florida with over twenty-seven 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 Miami Beach, Florida Estate Planning, Wills and Trusts and Miami-Dade County, Florida Probate matters. I am happy to help you and your loved ones during this important process.