I HAVE A WILL… DOESN’T IT AVOID PROBATE?

You may be thinking that having a Will avoids Probate… but the answer may surprise you.  

Because the answer is “No.” It’s important to know that if you have a Will, whether it’s a “simple Will”, or one that’s more complicated, it will need to be filed in Probate Court. When you die, your family will have to hire a lawyer, be required by Law to file the Will with the local Probate Court, and then go through the timely and costly process of Probate. And it doesn’t matter if you have a “simple Will”, or a more complicated one. A Will, simple or not, must be filed in Court and administered in Probate.

So Remember. A Will DOES NOT avoid Probate.

What if I don’t have a Will… does not having a Will avoid Probate? 

If you don’t have a Will, the question is do you have assets, like money in bank accounts, a house, some other real property, stocks, bonds, and other investments? If you do, all of these assets will generally require Probate as well in order to transfer ownership from you to your beneficiaries after you die.

So, in most cases, not having a Will DOES NOT avoid Probate either.

What if I’ve designated beneficiaries on my accounts when I die…doesn’t that avoid Probate?

In most cases, the answer is again, “No.” Even if you’ve filled out a form naming your beneficiaries for your assets, most of the time, a court order will be required from the Probate Court. The court order will be needed to grant the authority for your bank, your brokerage, and any other financial institution holding your money to release it to your beneficiaries. The only exception to that may be if you have designated each of your beneficiaries as “Payable On Death” (P.O.D.) or “Transfer On Death” (T.O.D.) If you have properly made these designations, it may be possible to avoid Probate. Yet again, the financial institution may still insist on you obtaining a Probate court order before releasing funds to your beneficiaries in order to protect itself from potential claims by your beneficiaries or creditors.

So How Can I Avoid Probate? Have A Revocable Living Trust! Talk to The Mendez Law Firm… an experienced East Orlando estate planning attorney about drafting a Revocable Living Trust for you and your family. A Revocable Living Trust, properly funded, is a very popular estate planning tool used to avoid Probate, and the delays and costs of Probate too. Your family and loved ones will thank you for having a Trust.

 Call us at (407)380-7724 or Email Us TODAY at mail@themendezlawfirm.com. We’ll schedule your FREE, No Obligation, No Cost office conference or Virtual Zoom conference to discuss your Will, and review other Probate avoidance options that may benefit you and your family.