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Inheritance and Property.

Posted by Helena Grossberg on January 31, 2015
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How to Leave Your Property in Miami to Your Children Without Going Through Probate.

Probate is a complex process of identifying and inventorying all the property left by a deceased person. It simply describes the entire estate, properties are appraised, debts are paid, and the remainder is distributed among the relatives.

The will of the deceased must be respected, and the beneficiaries must be determined, and it is done all under the supervision of a judge.

In Florida, if someone dies without a will, the heir does not have a choice but to contracts an attorney to help in the process, which can be lengthy and expensive.

There are other forms to avoid probate, by placing the properties in a legal entity, including beneficiaries in the title. It is also possible to add this legal entity into a trust, and always with the help of an attorney, add an executor, that at the right moment will take care of the disposition of the assets.

Other forms of including names on the title of the properties are:

Sole Ownership – One name only, preferred method for those who are single, divorced, or married with special circumstances, such as high liability profession, or credit issues, and wants to protect the assets against any suits.

Joint Tenancy –  Two people own together, and when one dies, the second becomes the sole owner. Married couples in Florida are joint tenants by entirety, and cannot sell the property without the consent of each other.
Tenancy in Common –  Two people owning a property together, and each owner have the option to sell, lease, and pass on their interest to their heirs.

During the purchase process, the title company will ask the final name to be placed on the title of the property. It is always better to work with an attorney to clarify any doubts you may have.

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