What are considered Florida probate assets
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What are considered Florida probate assets
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Probate assets are those that a person owns at their time of death that require the probate court process to transfer to their heirs and beneficiaries. In Florida, like most states, probate assets typically include:
Real Estate
This includes any property owned by the decedent at their time of death. For real estate to be considered a probate asset, it must either be in the deceased individual’s name alone or, if owned with others, it must lack a provision for automatic succession of ownership.
Personal Property
This refers to all tangible and intangible personal belongings such as cars, furniture, jewelry, artwork, collectibles, etc. Personal property also includes financial accounts and securities registered in the deceased person’s name alone.
Bank Accounts
If the deceased person was the sole owner of a bank account, that account is a probate asset.
Life Insurance Policies, Annuities, and Retirement Accounts
These are considered probate assets when they are payable to the decedent’s estate rather than a named beneficiary.
Business Interests
If the deceased person owned interests in a business such as shares in a corporation, membership interests in a limited liability company, or partnership interests in a partnership, these are generally considered probate assets unless they are owned with others with automatic succession provisions.
Intellectual Property
This includes any copyrights, patents, or trademarks the deceased owned at the time of death.
Remember that not all assets are probate assets.
Non-probate assets, which pass outside of probate to named beneficiaries or joint owners, can include things like jointly owned property that has a right of survivorship, life insurance or retirement accounts with designated beneficiaries, and assets held in a trust. As always, the specifics can vary based on individual circumstances, so it’s a good idea to consult with a Florida probate attorney or an estate planning professional to understand the process better.
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A graduate of Cumberland School of Law, Dennis serves as of counsel bringing legislative experience from his tenure as U.S. Congressman.