Currents
January 2019
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mary probate in Florida and a secondary probate
(known as an ancillary proceeding) in the state
where the property is located.
With cash assets such as bank accounts, CD’s,
brokerage accounts, annuities, life insurance poli-
cies, etc. you can avoid probate by designating one
or more beneficiaries on the account. These benefi-
ciaries will be entitled to the proceeds of that account
upon your death, regardless of whether you have a
Will or what you may have indicated in the Will; in
other words, the designation of a beneficiary in a
specific account takes precedence over anything
stated in a Will. The Will will only apply to those
assets where there are no designated beneficiaries
(or if the beneficiaries have died before you).
Therefore, one of the primary reasons that many
clients choose to create a Revocable Living Trust is
to avoid probate on all of their assets, particularly
their home and any other real estate. I have many
clients who own their primary home in Florida and a
vacation home in another state. We create a Revo-
cable Living Trust in Florida and also prepare a Quit
Claim Deed to transfer the Florida
property into the Trust. An attor-
ney in the other state can then
prepare a Deed transferring that
property
into
the
Florida
Trust. This legal work will avoid
probate in both states and allow
for quick and easy sale or distri-
bution of the properties.
Some people choose to avoid
probate by putting their intended
beneficiary of property on a
Deed, either as a joint owner or in
what is commonly referred to as a
“Life Estate Deed.”
However, there are numerous
potential risks in putting someone
else’s name on the Deed, includ-
ing problems which arise if that
person dies before you, or you
later decide to remove that per-
son from the Deed. One of the
advantages of a Revocable Living
Trust is that it allows you to create
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