In Florida, what are the non probate assets?
What are non-probate assets?
"Non-probate asset" is a term that describes property that transfers to an heir by operation of law. Therefore, the court is not necessary to transfer title of the property. Many investment vehicles, such as bank accounts, insurance policies and IRAs, have beneficiary designations. If these beneficiary designations are properly filled out, then title to that property will transfer to the heir by operation of law. Transferring property this way saves the time and money involved in a probate proceeding. Make sure that you keep your beneficiary designations up to date. If you forget to update these designations, your estate plan could be inherited by a person who you no longer wish to inherit it. This could mean assets are paid to an ex-spouse or ex-partner. If you have children after you make a designation, you could be omitting a child from a large part (or all) of their inheritance. Your will does not protect you from failure to update your beneficiary designations. Be sure to update your beneficiary designations and review your complete estate plan with your attorney every 5-7 years or after any major change in your life.
More Information: For more information, please see our Probate Page
Attorney: Eve Travis
Date Filed: September 25, 2012