Transfer of Assets in Hialeah
Asset Transfer Planning
It is a common saying that only two things in life remain certain: death and taxes. However, dying itself often proves very costly, as well as time-consuming, especially with no plan in place. Surviving family members must contact any creditors, financial institutions, and other interested parties to notify them of the deceased.
When assets get stuck in the probate process after an individual passes away, this is often a substantial ordeal for loved ones. However, planning may alleviate any need for probate whatsoever and can save loved ones money and frustration.
A proper estate plan identifies any potential roadblocks that may arise after an individual’s death, mitigating their effects. For example, when an individual wields assets that may be subjected to lengthy and costly probate proceedings, an attorney can utilize transfer of assets in Hialeah legalities to migrate these assets into various trusts to eliminate the need for probate court.
They may additionally devise alternative plans that empower their client’s family members. Estate and asset transfer planning enables these trusted individuals to retain control and continue the operation of client assets. This could include businesses, as well as legacy properties like a vacation home or other property.
Transferring assets remains an essential part of any comprehensive estate plan. Your friends from the Law Office of Madelin Diaz, P.A. want to provide some additional points to consider when making an estate plan including the transfer of assets in Hialeah.
A Last Will and Testament is Great, but Still Involves Probate
Utilizing a last will and testament is a simple and effective way for an individual to ensure their executor can carry out their wishes when they die. They must only include a brief description regarding the property in their will, stating who receives it upon death.
Unfortunately, using a will and testament for this transfer does not absolve the property from probate. The probate process is often time-consuming, expensive, and frequently unnecessary. In cases involving real estate, this property is usually the deceased individual’s most expensive asset, and typically represents the most costly aspect to probate procedures.
Probate additionally lasts for many months, sometimes even years. During this time, the new owners cannot utilize a transfer of assets in Hialeah, refinance, or sell this property.
Estate planning can alleviate these issues by keeping property out of the probate process. However, it involves planning. A few options exist that include living trusts, transfer-on-death deeds, in addition to co-ownership.
A living trust is a popular and effective way to employ a transfer of assets in Hialeah that migrates property outside of the probate process. Individuals can make a living trust document outlining who should receive property, as well as naming a trustee.
A trust changes the title document regarding property and assets to name the living trust itself as the new owner. While the individual is alive, they control the wealth and may transfer it from the trust at any time. Nonetheless, if the individual passes away, the trustee outlined by the trust can transfer the property to a named beneficiary very quickly without subjection to the probate procedure.
Although a living trust is more complicated and expensive to set up than a will, the additional cost is worth the money to keep the property out of probate. An experienced and qualified attorney that is familiar with the transfer of assets in Hialeah can assist with the process during a comprehensive estate planning strategy.
Beneficiary Deeds and Co-Ownership
Individuals outlining their post-death estate may also absolve their property from probate using beneficiary deeds, or co-ownership provisions. A beneficiary deed works cohesively with an ownership deed by naming a beneficiary to inherit ownership upon death.
This type of deed does not modify ownership during the individual’s lifetime and remains entirely modifiable at any time. After the individual’s death, the estate representative can transfer the property without probate.
An estate plan utilizing co-ownership provisions may also avoid probate by establishing joint ownership. This established contract passes the property onto a beneficiary wielding joint interest in the property. Unfortunately, this can raise issues over property control. It may also expose the property to creditors that do business with the co-owner.
Transfer of Assets in Hialeah with the Law Office of Madelin Diaz, P.A.
The legal system concerning transferring assets during estate planning is often complicated. In any situation involving asset transfers, as well as planning an estate, this requires the assistance of an experienced, professional legal practice. Regardless of the situation includes a recently deceased individual, or assistance with an estate plan, the attorneys from the Law Office of Madelin Diaz, P.A. can utilize the transfer of assets law to help.
Our firm takes pride in serving as a crucial resource for individuals in the South Florida community. We dedicate our efforts toward assisting our clients with family law issues. This includes the transfer of assets in Hialeah. This may extend to helping these individuals with last will and testament drafting and estate plans.
Those seeking to safeguard their best wishes remain executed upon their death can accomplish this by utilizing a transfer of assets in Hialeah. This option ensures a property migration into more secure alternatives.
For more information on how our attorneys can assist with estate planning, as well as a transfer of assets in Hialeah, contact the Law Office of Madelin Diaz, P.A. to schedule a consultation. Our attorneys can help secure assets while assisting your plans for the best possible outcome concerning your estate.