Wills, Probate

Trusts, Estate Planning

210 South Beach Street, Suite 202
Daytona Beach, FL 32114
(386) 257-3332

Personal Representative

If you are looking for a firm to handle your estate plan, I highly recommend Heidi Webb, Attorney at Law. She and her staff are thorough professionals. I was very impressed with the in-depth knowledge and explanations in layperson's terms. In the end I felt like I made good, informed decisions for me and for my family's future.

~ Jill B

I would highly recommend Heidi and her team to everyone!! Needing to update my estate plan documents after a divorce, I consulted with Heidi who evaluated my situation and came up with documents that were tailored to my needs and explained it all in layman's terms for me. Her recommendations were exactly what I needed and I now feel confident I have well laid out plans for myself and my family. After realizing how lacking my prior documents were, I had her review my mother's documents, which we all thought were up-to-date. Thank goodness I took that step as well because my mothers documents were not even close to what was needed. Heidi's knowledge and compassion for her clients is exceptional, I give her the highest commendation!

~ Beth M

difference between probate and non-probate assets

What’s the difference between probate and non-probate assets?

Estate planning in Florida encompasses more than just preparing a will. One crucial aspect of planning involves understanding the difference between probate and non-probate assets. This distinction can significantly affect how your estate is distributed after death.

Probate Assets

Probate is the legal process by which a deceased person’s assets are identified, their debts paid, and the remaining assets distributed according to their will. If there’s no will, the assets are distributed according to Florida’s intestacy laws.

Probate assets include:

  • Real estate owned solely by the deceased: Joint ownership with the right of survivorship will bypass probate.
  • Personal property: Items like cars, jewelry, furniture, etc., solely in the deceased’s name.
  • Bank accounts solely in the deceased’s name: This doesn’t include joint accounts or accounts with designated beneficiaries.
  • Investments and stocks held solely in the deceased’s name: This also excludes joint holdings or beneficiary-designated accounts.

The probate process in Florida can be time-consuming and expensive, with costs sometimes taking up a significant portion of the estate.

Non-Probate Assets

Non-probate assets, on the other hand, pass directly to a designated beneficiary or joint owner without going through the probate process. This provides a more immediate property transfer and typically avoids the costs and delays associated with probate.

Non-probate assets include:

  • Jointly owned property with the right of survivorship: The surviving joint owner automatically inherits the asset.
  • Retirement accounts with designated beneficiaries: Such as IRAs, 401(k)s, etc.
  • Life insurance policies with named beneficiaries.
  • Payable on death (POD) or transfer on death (TOD) accounts: These designations allow assets to pass directly to a designated beneficiary.
  • Trust assets: Assets held in a living trust bypass probate and go directly to the named beneficiaries.

Why Understanding the Difference Matters

Understanding the difference between probate and non-probate assets is vital in estate planning. It influences how you choose to hold property or designate beneficiaries to ensure that your assets are distributed according to your wishes with as little time and expense as possible.

Navigating probate and non-probate assets in Florida can be complex. An experienced estate planning attorney like Heidi S. Webb, Esq., can help guide you through the intricacies of Florida’s estate laws and ensure that your estate plan is tailored to your unique situation. Contact Heidi today to discuss your estate planning needs.

Heidi S. Webb, Attorney at Law, serves clients in Daytona Beach, Ormond Beach, Port Orange, and beyond with matters of Estate Planning and Probate. Contact her today to schedule a free consultation. Visit her page on Facebook, or see what her clients are saying to learn more about Heidi. 

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