Have you just completed an executed West Palm Beach will and estate plan? Do you know how your estate is going to function? West Palm Beach probate litigators know more and more of a persons estate is turning into non probate assets as will substitutes and testamentary trusts become more and more common. Check out these three common non-probate assets. Did you know these will not be touched by the personal representative?
Non-Probate Asset 1: Life Insurance
- One common non-probate asset that you may have without even noticing is a West Palm Beach life insurance plan.
- The right to your insurance proceeds belongs to a beneficiary that you elect.
- In some instances through divorce decree/ child support agreements you may be obliged to choose a specific beneficiary.
- The probate court has no jurisdiction over these when they are administering your probate estate.
- Did you know your life insurance proceeds are non probate assets in West Palm Beach?
Non-Probate Asset 2: Trusts
- Trusts were less common but they are growing in popularity, as a common will substitute.
- West Palm Beach trusts are administered by a trustee, not the personal representative and are thus non probate assets.
- In fact if you have property in a trust technically the legal title stays with the West Palm Beach trustee.
- Do you know when the court can get jurisdiction over the property or res of the trust?
- You would have to file an action against the trust or trustee in West Palm Beach probate court.
- Another great thing about these will substitutes is they do not need to be filed with the court meaning you can get some added privacy.
Non-Probate Asset 3: POD Accounts TOD Accounts
- What if you do not have the time or money to set up a testamentary trust is there anyway you can get similar private quick results?
- You may want to consider a “Pay on Death” or “Transfer on Death” account for your West Palm Beach assets.
- This passes outside of the probate estate as sort of an informal trust.
- You may have heard these referred to as “Totten Trusts” from a famous case out of New York.
- Do you have any POD Accounts in West Palm Beach?
Want to learn more about the difference between your probate and non-probate estates?
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