When it comes to Florida estate planning, many people have heard about probate
proceedings. Typically, clients, under the guidance of an experienced estate
planning attorney, structure their estate plans to avoid such proceedings. Many
people do not know, however, that even if you successfully prepare to avoid
probate in your home state, any property you own outside of your state may be
subject to a specific type of probate proceeding called ancillary probate. To help
better inform you about this type of probate proceeding, let us share with you a few
unexpected issues that can arise when it comes to ancillary probate.
First, many people will recommend that you put another person’s name on your
accounts to avoid ancillary probate. Unfortunately, this can cause problems with
your potential long-term care benefits and may even affect your relationships. To
help avoid this, it is important to plan early and plan well under the guidance of an
experienced estate planning attorney who knows the laws of your state.
Second, be cautious when using online legal documents. While it may seem
appealing to use a cost-efficient online software to create your estate plan,
unfortunately, this can give rise to many issues. Did you know, for example, that
most online legal documents do not provide adequate asset protection and are
likely to subject your estate plan to probate proceedings? We encourage you to
consider this when creating your estate plan.
Finally, it is important to know that other states may have more favorable or
negative tax treatment than your domicile state. When creating your estate plan, we
encourage you to keep this in mind to help keep you and your assets protected. One of the most effective ways to avoid ancillary probate is to discuss your specific
circumstances with an experienced estate planning attorney who knows the laws in
your state. Further, do not forget to notify your estate planning attorney if you
acquire any new property outside of your domicile state or are planning a move in
the near future after creating your estate plan.
We know ancillary probate can be a complicated area, and these are just a few
unexpected issues that may arise. If you have questions about anything discussed in
this article, or if you are ready to start your planning, do not wait to contact us to set
up an appointment so we can help you create the right plan for you.
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