Planning Focused Legal Solutions

This is a form of ownership in which there are two or more individuals who own an equal and undivided share of an asset. Joint tenancy with rights of survivorship ensures that the surviving owners will automatically assume ownership of the deceased owner’s interest.

The Florida Ladybird Deed is a type of deed in which an owner of real property is given a life estate interest with the remainder interest vesting in specifically named heirs upon their passing. Similarly to joint tenancy interests with rights of survivorship, no further action is needed to effectuate the ownership of the heirs upon the death of the life estate holder.

This option is typically utilized with financial assets such as bank accounts or securities. Essentially, these accounts will name a specific beneficiary to whom the account will be transferred upon the death of the original owner. 

Utilizing life insurance policies or retirement accounts can be one of the most beneficial assets held by a decedent with the added benefit of being able to designate specific beneficiaries to receive these assets upon their passing. 

Interests in business entities such as limited liabilities companies may avoid probate in two main ways: either by transferring the owners’ interests to their trusts or by drafting governing documents that outline a succession plan in which co-owners or heirs may inherit ownership interest or corporate stock. 

While not an avoidance of the probate process entirely, FL. Stat. 735.201 allows for a simplified probate process for small estates with a total value below $75,000 or if the decedent has been deceased for more than two years. This process is referred to as summary administration and is much faster and less formalized.