Often times, you may be a resident of one state but own assets in another state. Let’s use this simple example: You are a resident of another state but own real estate in Florida – what happens to your Florida real estate at your death? This will depend on what measures you take during life but your Florida real property may be subject to what is called ancillary administration.
When you die, your property is subject to probate. Probate is the legal process that determines what happens to your estate after you die. If you meet certain criteria then your estate may be subject to a type of probate administration known as ancillary probate. For Florida, if you are (1) a non resident of Florida at the time of your death and (2) owned property at the time of your death then Ancillary probate proceedings are likely needed. There are exceptions to the following, but generally most attorneys will follow the Florida statutes when determining their fees. Using this model and assuming you passed away a non resident and a probate proceeding is opened immediately for your Florida property, the attorneys fees could be considerable high. Florida will allow the attorney to take 3% of the estate value that exceeds $100,000 – this is easily achieved when the non-resident owned real property in Florida at the time of their death.
An easy way to avoid this situation is to sit with an estate planning attorney and create a plan that protects both in state and out of state assets. For our Florida residents, this would mean creating a plan that protects you during life, protects your Florida accounts and properties, as well as assets held in other states.
Simply put, estate planning is putting together legal documents that achieve the following:
and so much more!
Our firm has been practicing exclusively in estate planning and probate since 2017. We have an award winning attorney who has a personal passion for this industry. Allow our team to help you either achieve your goals through estate planning or be there for you as you navigate the probate court. Call today to schedule a strategy session (954) 999-9683.
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