Tackling the Issues on the Distribution of Assets and Properties

Posted byPaola Nadeau on Oct 2020 in Law and legal | 0 comments

You certainly know the actual extent and value of your wealth; hence it is very important to seek legal advice from Probate Lawyers in Venice FL on the proper planning in the event of one’s death or physical disability. Many try to avoid probate or the legal proceedings in the distribution of the assets and properties after death. Many disadvantages in the probate laws of Florida have been eliminated but many still find other processes to be more desirable in order that their expressed wishes will be followed.

1. Wills – Even if there is a will, it still needs to undergo probate proceedings upon the death of the individual, however, with the will he can determine the beneficiaries who will inherit the estate and the personal representative who will handle the estate in the payment of debts and the distribution of the remaining wealth. However, the law requires the will to be valid hence it should be done by Probate Lawyers in Venice FL to avoid any challenges that may come about.

2. A living trust also avoids probate wherein the ownership in some assets is transferred to a trustee who will manage the assets for the beneficiaries. This process is preferable over the joint tenancy since the trustee does not own the assets. In the event that the individual will suffer from physical disability wherein he can no longer manage his assets, the trustee will use the property to for the individual to allow him the benefit of excellent medical care. Planning for health care is very important since it means a preparation for future disability.

No individual will want to leave an estate to a child who will squander the money for his own use without leaving anything for the family. This is one kind of asset protection where the wealth will benefit all the legal beneficiaries. Even if the assets are substantial, the future medical bills may dissipate the assets so the earlier the planning the more it becomes better.

1. Joint tenancy – In this process, only the assets solely owned by the individual will undergo probate proceedings and not the joint ownership whether it is with the spouse or the child. One of the disadvantages in joint tenancy is the transfer of ownership, where the joint owner can sell or dispose of the property even without the approval of the individual. If the child is named as a joint owner of a bank account, it can be claimed by the child’s creditors or may be involved in divorce proceedings.

These advantages have made many Florida residents turn to the Probate Lawyers in Venice FL for the living trusts to avoid probate and at the same time protect oneself in the event of physical disability. Joint tenancy can be risky but the lawyers will see to it that you gain the best advice according to your specific circumstances. Not all situations are the same but the lawyer will see to it that the situation is properly assessed in order to be addressed the best possible way.

When you have considerable wealth, you want it to be transferred to your beneficiaries accordingly in the best legal process through probate lawyers Venice FL that can be accessed by visiting Jameswmallonee.com.