MIAMI PROBATE COURT- WHAT ASSETS DID OUR LOVED ONE LEAVE BEHIND?
I received a few calls recently on the same topic and thought I should address it here. Relatives and loved ones call to hire me and open a case in Miami Dade probate court only to then be sent to a private investigator because the assets are unknown. In all three recent calls, the loved ones were aware of the homestead real estate, yet were uncertain as to all other assets.
WHY IS PROBATE DIFFERENT THAN ESTATE PLANNING IN MIAMI BEACH, FL?
When done properly, this problem is avoided in estate planning cases. For example, when I am the attorney and doing estate planning, I suggest my clients create a list of assets and keep them updated with their original documents. This list contains all assets inside each trust and also the assets outside of trust. The list also contains those assets with direct beneficiaries and even the alternate beneficiaries. These lists help to prevent the probate or trust administration problem of unknown assets.
WHY DOES ESTATE PLANNING PREVENT PROBATE IN MIAMI, FL?
Not only are unknown assets avoided as everything is stated in the updated list, probate is avoided as well. Probate court involvement is only needed if assets are left in a deceased person’s name alone with no paid-on-death beneficiaries. If assets are in joint name or owned by a trust or list a living beneficiary, probate court can usually be avoided.
WHY WOULD SOMEONE NOT PUT A BENEFICIARY?
It is usually an unfortunate oversight that a person died with no beneficiary. I have a Miami probate case now where there was $500,000.00 left in a bank account with no beneficiary listed. The entire account will be given to the mother’s only son eventually, but why should he have to wait for this money?
HOW COULD THIS $500,000.00 MIAMI PROBATE CASE HAVE BEEN PREVENTED?
The case above could have been prevented with proper estate planning. For example, the deceased mother could have put the bank account into a revocable trust for her son’s benefit. In this case, he would have received the money immediately upon his mother’s passing and handled it privately with the bank as the successor trustee. In the alternative, the deceased mother could have signed a paid- on death beneficiary card directly with the bank, leaving her son as the beneficiary.
WHY SHOULD YOU USE ALLY M. GLASER, PA TO HANDLE YOUR WILLS AND TRUSTS, ESTATE PLANNING IN MIAMI BEACH AND MIAMI-DADE AND BROWARD PROBATE MATTERS?
As a Miami Beach Estate Planning, Wills and Trusts and Probate Attorney in Miami Beach with over twenty-five 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 Broward County and Miami-Dade probate court system and know how to get things done. Additionally, because I do both estate planning and probate law, 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 Estate Planning, Wills and Trusts and Miami-Dade County Probate matters. I am happy to help you and your loved ones during this important process.