Non-probate assets are properties that bypass the probate process in Florida, which includes retirement accounts like IRAs and 401(k)s. Life insurance proceeds are also non-probate assets. All properties that are held in a living trust and funds in a payable-on-death account are protected.
Additional non-probate assets include pension plan distributions, wages and salaries, vehicles that go to immediate family members, property held in joint tenancy with right of survivorship, and boats or cars in a transfer-on-death form.
How to protect your assets from probate
If you want to protect your assets from probate after your death, you’ll need to write a living trust, which is an alternative to a will to ensure that your property doesn’t pass through the courts after your death. It will allow your estate to avoid some court costs and is a more straightforward process.
It’s also necessary to name all beneficiaries on your bank and retirement accounts during estate planning to avoid disputes and protect your assets. You may want to list more than one person to ensure that your assets are given to another person if the first beneficiary passes away.
Holding your property jointly with another person can also allow your property to be protected from the state. You don’t have to be married to have joint property with another person.
Who can you contact for legal assistance?
If you want assistance learning more about non-probate assets and protecting your property from probate, contact an estate planning attorney. A legal professional may help you to complete the necessary documents. An attorney may explain the benefits of special needs trusts, minor trusts, testamentary trusts, grantor trusts, and revocable and irrevocable living trusts.