Legal Question in Wills and Trusts in Florida

Re: Avoiding probate

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There are several methods to avoid probate for property but before you do that, why do you want to? It can be a very costly mistake for your beneficiaries, especially if you purchased them for a low amount based on the current value. If the properties remain in your name, your beneficiaries will be entitled to a "stepped up" basis upon your death which can greatly reduce their tax burden if they sell the properties. You should review this matter with a qualified real estate attorney before you take any action. Trusts can avoid probate but prove very costly when you set them up and in the long run for your family.

Scott R. Jay, Esq.

Re: Avoiding probate

There are basically three ways to avoid probate. 1. Jointly owned assets with a right of survivorship avoid probate. 2. Assets with a beneficiary avoid probate. 3. Assets held in a living trust avoid probate. For real estate, 1 & 3 are normally the available tools.