Estate planning
Keeping your Florida estate out of probate, and the pitfalls of each way to do it
Joint ownership, transfer-on-death and payable-on-death designations, and living trusts can each avoid probate. Each has a catch worth understanding before you rely on it.
Chapter 01
Joint ownership looks simple until a co-owner's creditor appears
Many families try to skip probate by adding a spouse or an adult child to the title of a home or an account. Joint tenancy and tenancy by the entirety are two common ways of owning property together, and both can pass it to the surviving owner without probate. They are popular because they cost little to set up and feel easy to understand.
The pitfall is that property held this way can be exposed to the co-owner's creditors. If you add an adult child to your deed, a lawsuit or unpaid debt against that child may reach the house you meant to protect. We walk through that trade-off at your free initial consultation, so you decide with the risk in view. Call (813) 248-8900.
A Florida bungalow front porch with a white screen door, a rocking chair and a potted palm in morning light
Transfer-on-death and payable-on-death designations stay simple only if you keep them current
A transfer-on-death (TOD) or payable-on-death (POD) designation names who receives an asset when you die, and the asset passes to that person outside probate. It is one of the simplest tools available. You complete a form, name your beneficiary and the account follows your instructions, with no court involved and no need to wait on a judge.
The catch is upkeep. A designation made years ago still says exactly what it said then, even after a divorce, a death in the family or the birth of a grandchild. If the named person is no longer the right choice, the form can still direct the money to them. Edmund J. Gegan reviews these designations alongside the rest of your Florida plan so they keep working together.
Chapter 03
Why a revocable living trust is the most complete route, and why a will is not one
A will does not avoid probate. It has no authority until death, and it is the admission ticket to probate rather than a way around it. Many people are surprised to learn that having a will does not keep a Florida estate out of court. A will is still where you nominate guardians for minor children, so most plans keep one, but it should not be your only tool if staying out of probate is the goal.
A revocable living trust is the most complete route. You stay in control while you are living, and a successor trustee can step in on incapacity or death without a court. The trust only works for assets titled to it, so funding matters. Our Living Trusts page explains how that works.
Edmund has practiced law since 1994 and in Tampa since 2009. New clients complete a short questionnaire before the first meeting, then we hold a design meeting to build the plan around your family, your home and the accounts you want to protect. Our Tampa office offers a free initial consultation, and you can reach us at (813) 248-8900.
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