One of the most common estate planning questions we encounter as estate planning lawyers in Tallahassee is, "How long does a typical probate case take in Florida?"
This post will address this question and explore why opting for a revocable living trust might be a more efficient strategy for your estate planning needs.
The Duration of Probate in Florida:
Probate is the legal process through which a deceased person's assets are distributed under court supervision. The length of time this process takes in Florida can vary significantly based on several factors. Additionally, Probate can be a costly proposition for your loved ones. Our wills and trust lawyer details the costs associated with Probate in the linked post.
Factors Influencing Probate Duration:
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Size and Complexity of the Estate: Larger estates or those with complex assets typically take longer to probate.
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Probate Type: Generally speaking, Florida offers two types of Probate - summary administration and formal administration. Summary administration is quicker but only available for estates valued under $75,000 or those where the decedent has been deceased for over two years. In the linked post, our estate planning lawyer discusses summary administration and its advantages and disadvantages.
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Legal Disputes: If there are will contests or disputes among beneficiaries, the process can be prolonged and become dramatically more expensive.
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Efficiency of the Personal Representative: The appointed personal representative's efficiency in managing and distributing the estate also affects the timeline. Our wills lawyer in Tallahassee provides practical strategies for choosing the right personal representative for your estate plan in the linked post.
Typical Duration:
In my experience, on average, a probate case in Florida can take anywhere from several months to well over a year and a half. However, more complex situations can extend this timeframe significantly.
The Revocable Living Trust Alternative:
A revocable living trust is a legal document that, like a will, includes instructions for what happens to your assets after your death. However, it offers several advantages over traditional wills, particularly in Florida probate law.
Several Advantages of a Revocable Living Trust over a Will that must go through Probate:
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Avoiding Probate: Assets held in a revocable living trust generally do not go through Probate, potentially saving time and money.
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Privacy: Unlike Probate, a public process, a trust remains private, keeping your estate matters confidential. Privacy may be vital for certain professions, such as law enforcement. Our estate planning lawyer discusses the advantages of the confidentiality of a revocable living trust for law enforcement officers in the linked article.
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Flexibility and Control: You can change or revoke the trust during your lifetime, giving you continued control over your assets.
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Continuity: A trust allows for the seamless transition of asset management if you become incapacitated without court intervention. In the linked post, our Tallahassee Trusts lawyer details the advantages of a revocable living trust for incapacity planning.
Conclusion
Setting up a revocable living trust in Florida requires careful legal planning and careful decision-making. It's essential to ensure that all relevant assets are correctly titled in the name of the trust and that the trust document reflects your current wishes and complies with Florida law.
While Probate in Florida can be lengthy, setting up a revocable living trust offers an effective way to streamline the management and distribution of your assets. A revocable living trust can be a smart strategy for those seeking a more efficient and private estate planning method in Florida.
Consulting with an experienced estate planning attorney can provide personalised guidance to make informed decisions about your estate.
Contact our experienced estate planning lawyer today to discuss strategies you can employ in your Tallahassee Estate Planning to secure your legacy.
