Estate Planning: Probate Versus Trusts

Jay Fleece, of Baskin Fleece, points out the differences, advantages and disadvantages of Probate and Trusts.


Jay Fleece, of Baskin Fleece, points out the differences, advantages and disadvantages of probate and trusts.

Click on the short 3 minute video on the left that briefly describes the differences between Probate and Trusts.

What is probate?

Probate is a court-supervised process for identifying and gathering the assets of a deceased person (decedent), paying the decedent’s debts, and distributing the decedent’s assets to his or her beneficiaries. In general, the decedent’s assets are used first to pay the cost of the probate proceeding, then are used to pay the decedent’s outstanding debts, and the remainder is distributed to the decedent’s beneficiaries.
There are two types of probate administration under Florida law: formal administration and summary administration. There is also a non-court supervised administration proceeding called “Disposition of Personal Property Without Administration.” This type of administration only applies in limited circumstances.
Estate taxes, willsA recent tax law signed by President Obama may affect you. Read the New York Times article titled:  “Efforts to Avoid Probate Can Carry Their Own Risks.”
 
For more information about Probate and Trusts, please contact BaskinFleece at 727.572.4545.
Some of the information above is courtesy of The Florida Bar and represents general legal advice. Because the law is continually changing, some provisions in this blog may be out of date. It is always best to consult an attorney about your legal rights and responsibilities in your particular case.
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7 thoughts on “Estate Planning: Probate Versus Trusts

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