5 Most Common Questions on How to Avoid Probate in St. Lucie

Probate can be a lengthy, costly, and public process that many people want to avoid when planning for the future. If you live in St. Lucie County, including Port St. Lucie, and are concerned about the impact of probate on your estate, you’re not alone. At The Siegel Law Firm, PA, we help individuals and families create estate plans that minimize or completely avoid probate.

In this blog post, we’ll answer the five most common questions about how to avoid probate in Florida.

1. What is Probate and Why Should I Avoid It?

Probate is the legal process through which a deceased person’s assets are distributed by the court. The process includes verifying the will, paying debts, and distributing property. While probate is necessary in some cases, it has its drawbacks:

• Time: Probate can take months or even years to complete. A typical probate takes between 6-9 months. It can be shorter if the probate assets are less than $75,000 which typically allows for a simplified probate administration.

• Costs: Legal fees, court fees, and administrative costs can reduce the estate’s value. A normal probate has costs in the range of $500 to $1,000 dollars which does not include legal fees.

By planning ahead and avoiding probate, your loved ones can avoid the hassle, save time, and maintain privacy.

2. What is the Best Way to Avoid Probate in Florida?

The revocable living trust is the most common and effective tool to avoid probate. Here’s why:

• You transfer assets into the trust while you're alive.

• When you pass away, the assets in the trust are distributed directly to your beneficiaries, without going through the probate process.

• As the grantor, you maintain full control of the trust during your lifetime and can change it as needed.

This trust is especially beneficial for residents of St. Lucie County, as it covers a wide range of assets, including real estate, bank accounts, and personal property. It is vitally important to properly fund a trust after it is completed. It is quite common for individuals to create trusts but to fail to properly fund them. That's why at The Siegel Law Firm we created the "TRUST" Process to guide clients to ensure their trusts are correctly drafted and properly funded. This helps their loved ones avoid costly and timely probate upon their death.

3. Can I Avoid Probate by Designating Beneficiaries?

Yes! Designating beneficiaries on financial accounts, such as retirement accounts, life insurance policies, and bank accounts, is an excellent way to avoid probate. Here’s how it works:

• Payable-on-Death (POD) or Transfer-on-Death (TOD) designations allow you to name a beneficiary who will inherit the account when you pass away.

• These accounts bypass probate, and the assets are transferred directly to your beneficiary.

For example, in Port St. Lucie, you can add POD beneficiaries to your local bank accounts to ensure the money passes directly to your heirs without the need for probate.

4. Can Joint Ownership of Property Help Avoid Probate?

Yes, joint ownership with the right of survivorship is another effective strategy to avoid probate. When property is held as joint tenants with right of survivorship (JTWROS), ownership automatically transfers to the surviving owner upon the death of the other owner.

This is commonly used for married couples or family members in St. Lucie County, and it applies to real estate, vehicles, and bank accounts. The key benefit is that there’s no need for probate—property automatically transfers to the surviving joint tenant.

How The Siegel Law Firm, PA Can Help

At The Siegel Law Firm, PA, we specialize in estate planning for families in St. Lucie County. Our goal is to ensure that your estate is distributed efficiently and according to your wishes, without the burden of probate.

We offer:

• Comprehensive estate planning services, including the creation of revocable living trusts.

• Guidance on beneficiary designations, homestead planning, and joint ownership strategies.

• Assistance with probate-avoidance tools tailored to your specific needs.

Get Started with Your Estate Plan Today

If you’re ready to take steps to avoid probate and protect your family, contact The Siegel Law Firm, PA. Our experienced team will help you create a comprehensive estate plan that works for you.

Call us today at (561) 743-4001 or visit www.ServingYourLegalNeeds.com to schedule a consultation.