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Probate is the legal process of transferring property ownership from a deceased person to their beneficiaries or heirs. It also includes settling any outstanding debts of the deceased. Probate is necessary if the deceased person solely owned property, had joint ownership with a living individual, or didn't designate beneficiaries for their accounts using pay on death or transfer on death designations. If the deceased person had joint ownership, designated beneficiaries, or placed all assets in a trust, the property can be transferred without probate. However, if even one account or piece of property is not designated, probate is needed to ensure a legal transfer to the intended recipients.
Probate
A trust is established when someone holds property for the benefit of another person. The person who provides the property is called the settlor, while the trustee is the individual who receives and manages the property for the beneficiary's benefit. The ultimate beneficiary of the property is referred to as the beneficiary. In some instances, the settlor may also act as the trustee and beneficiary, but there must be an additional beneficiary - perhaps one who receives the property after the settlor's death - for the trust to be legally recognized.
Trusts
Estate planning involves creating a will, which specifies who receives your property when you pass away. A will only controls what happens with probate assets, while assets with beneficiary designations and those held in trust pass outside of probate. Wills can be simple or complex, and can involve creating testamentary trusts. Parents of young children can designate a guardian for their children in the event of their passing. It is also important to consider if property could pass to a minor, and setting up trusts under a will can help avoid guardianship. Estate planning attorneys can help ensure that all considerations are taken into account.
Last Will and Testament
A Power of Attorney authorizes someone else to act on your behalf in regard to the matters specified in the document. Powers of Attorney can be limited and terminate upon a set time, event, or your incapacity, or they can be “durable” and remain in effect even if you become incapacitated. This is a very powerful document that requires careful consideration.
Power of Attorney
Health Care Surrogate Designation determines who you want to have access to your medical records and to make medical decisions for you if you are unable.
Health Care Surrogate Designation
A living will document lets your loved ones know what life-prolonging treatment you do or do not want at the end of your life.
Living Will
Non-probate transfers refer to assets that can be transferred to designated beneficiaries without going through the probate process. These transfers typically include items like life insurance policies, retirement accounts, and trust funds.
Non-Probate Transfers
Schedule a Free Consultation
If you want to protect your assets and ensure a smooth transfer of wealth or are exploring how you can be prepared for the future with your Will, Power of Attorney, or a trust for your family, schedule a free consultation with Merhar Law, an estate planning law firm.
Michael Merhar is a wills, trusts, and estates attorney serving Gainesville, Florida, and surrounding areas, including Alachua County, Baker County, Bradford County, Gilchrist County, Levy County, Marion County, and Union County. With an understanding of the intricacies of estate planning and administration, Michael is dedicated to providing comprehensive legal services tailored to each client's unique needs. His expertise in drafting wills, establishing trusts, and navigating probate ensures that individuals and families can effectively manage their assets and protect their legacies. Known for his professionalism, attention to detail, and commitment to client satisfaction, Michael Merhar is a trusted advisor who helps clients navigate the complex world of estate planning with ease and confidence.