Did you know that Florida probate attorneys can charge up to 3% of your estate? If your estate is worth $500,000, your attorney’s fee will be $15,000. This leaves your heirs with $15,000 less than they deserve. Why spend more money on attorneys when you can avoid probate entirely? This is where Arvanitakis Law Group’s expert estate planning can help you and your family.
Learn how to avoid Florida probate in just 4 minutes.
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Dina and her associates helped me through a very difficult time after my mother’s death. From the moment I contacted her to the final resolution. Dina was there at every turn during the probate case. Highly recommended!Dave T.
I used this law firm because I heard great things. I was not disappointed!! We had family come in from Colorado and the law firm met with our entire family on a Saturday and got our family estate sorted out. We were dealing with a very large sum of money and our entire family felt that we were dealt with honestly and professionally! I couldn’t recommend them enough!!Josh M.
Dina took care of my mother and aunts estate planning and we are so thankful for her help. She was the ultimate professional and covered so many areas we never would have thought of. Thanks Dina!Leith C.
I will definitely recommend Dina to all my clients. She is very knowledgeable, she will take the time to answer your questions and draw the perfect estate plan for you.Themis P.
What is Probate?
The purpose of probate is to settle the financial affairs of a person who has died, and to distribute their estate. Probate can be fast and simple, or it can be complicated and lengthy. Finding a skilled probate attorney can make all the difference in your experience.
In probate, you are given the responsibility for settling the estate. This can include paying bills, investing assets, and distributing property that the deceased owned. You also must make sure that all debts are paid and all assets are accounted for. Probate can take up to several months or years depending on the complexity of the estate and if litigation is involved.
There are many downfalls to probate, including:
- Probate can be very expensive
- The process takes a very long time—possibly up to 1 year or longer
- Your assets are frozen until the probate is over
- Your probate becomes public record
What is Summary Administration?
A summary administration allows you to simplify the probate process. It helps the efficiency of some small estates if the person is deceased for two years, or if the assets of the deceased are less than $75,000.
Summary administration allows creditors to collect money that’s owed to them from a deceased person’s estate. In Florida, creditors have up to 2 years to bring claims against the deceased. When the 2-year mark passes, creditors no longer are able to bring more claims.
Other benefits of summary administration include:
- Completed within 1-2 months
- Ideal for those who are deceased, or have no or barred creditors
- Overall faster process and lower cost
What is Formal Administration?
In formal administration, a personal representative is appointed. This person is involved in ongoing court decisions, ensuring that the deceased person’s wishes are carried through. There are typically longer proceedings with a formal administration. This means that heirs may need to wait longer to receive their inheritance.
However, there are positive aspects of formal administration, such as:
- Authority to work with financial institutions on behalf of the state
- Authority to file taxes with the IRS on behalf of the state
- Enter contracts on the behalf of the state, such as selling property
Stay out of Probate by Working with Arvanitakis Law Group
Unfortunately, having a will does not automatically keep you out of probate. This is a common misconception. In fact, only having a will is almost guaranteed that your estate will end up in probate court.
The good news is that Arvanitakis Law Group can keep you out of probate by:
- Creating a trust with the help of an experienced attorney
- Designate beneficiaries contractually
- Transfer assets by deed via Lady Bird Deed
- You can also own property as joint tenants with rights of survivorship
Ask us About Estate Planning
Estate planning will ensure that your assets transfer to your beneficiaries quickly and easily. Arvanitakis Law Group can help you avoid probate with proper planning while carefully considering your unique situation. With proper estate planning, you can potentially avoid probate.
Please contact us at Arvanitakis Law Group today to learn more about estate planning and keeping you out of probate.