Question: Why Should You Avoid Probate?
Answer: Many times in our Garden Patio Villas community, we see villas that have to go into probate when a member passes away. Many times, this brings a lot of problems to their family members or loved ones! Why should you avoid probate? Probate occurs when you have no trust fund or Florida’s Lady Bird Deed set up prior to your death. Unfortunately, the courts get involved if you have not planned for the future of your villa!
Florida Statutes
In the state of Florida, where we live, there is a threshold of $75,000 for an estate which triggers probate. (Florida Statutes 735.201) This can be avoided if you have a living trust or Lady Bird Deed in place while you live here at Garden Patio Villas or have any other estate ownership.
Why should you avoid probate?
Your loved ones will have to pay probate fees! Here at Garden Patio Villas, a typical probate fee will cost 8% if your estate gross worth is $200,000. This will mean it will cost your loved ones approximately $16,000 to get a Probate Lawyer and all the necessary paperwork completed!
If legal estate paperwork is in order, it does not take much time. The average time probate can take can be three months to two years! Your estate becomes frozen while in probate. Probate can be tricky for family and loved ones if you do not have your estate and paperwork in order.
How do you avoid probate?
What does a Living Trust do?
2. Probate can also be avoided by doing a quick claims deed and getting a “Lady Bird Deed.” This method is probably the simplest to complete and the least expensive to do ahead of time. Any probate lawyer can complete this very easily for you!
At Garden Patio Villas, we want to see our Members live enjoyable lives while here in our community! We also want our Members to be assured that their villa estate is taken care once they are gone from this life. 60% of people in the United States have not planned anything with their estates. Please contact legal representation to avoid these concerns. We hope you enjoy your retirement and have a long and healthy life while living here at Garden Patio Villas!