Probate & Trust Administration

Probate 

After death, there are two ways for assets pass to beneficiaries – Probate or Trust Administration.

Probate is the legal process through which a deceased person’s estate is administered by the court. Here in Florida, the process involves validating the will, if any, paying off debts, and distributing the remaining assets to the beneficiaries. The probate process begins with filing a petition with the court. A personal representative is then appointed to manage the estate, inventory the assets, pay debts and taxes, and eventually, distribute the assets according to the will (or according to Florida law if the decedent died “intestate,” meaning without a will).  While it is commonly believed that the creation of a will avoids probate at death, in fact, this is a misconception.  A will requires probate for its administration.

Trust Administration 

By contrast, Trust Administration in Florida involves managing and distributing the assets of a deceased person without the need for probate.  The avoidance of probate is achieved through the creation of a trust and transferring assets into the trust during lifetime.  At the time of death, the trust is then administered in accordance with its terms, and probate is avoided.  Specifically, upon the death of the trust’s creator (the “grantor”), the successor trustee steps in to manage the trust. This includes paying debts, filing taxes, and distributing the assets to the beneficiaries as outlined in the trust document. Trust administration is generally faster and less expensive than probate. It also provides privacy, as the trust’s terms and assets are not subject to the public record.

Choosing the Right Path

Determining whether Probate or Trust Administration is the right path depends on individual circumstances, including the size of the estate, the types of assets, and the manner in which the assets were held at the time of death.  It is essential to consult with an experienced Florida probate and trust administration attorney to navigate these processes seamlessly and efficiently.  Doing so ensures your loved one’s assets are safeguarded and properly distributed, while minimizing tax liabilities and ensuring proper guidance for the individuals tasked with these responsibilities.

At Perlin Estate Planning & Probate, we have assisted families throughout South Florida for almost 40 years in all matters related to estate planning, probate, trust administration, elder law, guardianship, and asset protection.  We look forward to discussing your needs and supporting you through the probate and trust administration processes.

After death, there are generally two possibilities for how your assets pass to your beneficiaries – probate or trust administration.