People in Florida generally use wills to highlight their preferences regarding what should happen to their assets when they pass away. Wills are essentially instruction booklets for probate courts to use. Here is a look at what role a will plays in probate administration following the death of an asset owner.
The probate court is the court responsible for overseeing will-related disputes and estate administration after a person has passed way. When estates are large, the probate process is the only legal way in which to transfer assets according to the wills connected to these estates. However, wills control only probate assets — assets that the court can transfer.
Other types of property do not need to be probated, so wills generally do not control them. These types of assets include the proceeds of a life insurance policy, which go to any beneficiaries listed in the insurance policy. These assets also include any property held in a living trust or in joint tenancy, where the interest that a deceased tenant had in a property immediately transfers to the other remaining tenant or tenants.
Probate administration is inherently complex. What makes it even more complicated is that it varies from one person to the next depending on their individual financial situations. If people die without wills, this complicates the situation even more. Fortunately, an attorney in Florida can help those involved probate administration to understand the process as well as handle it in a manner that is ultimately in their families’ best interests.