How Are Assets Distributed to Beneficiaries

On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | Jan 10, 2021 | Estate Administraion & Porbate

In Florida, probate assets are those that were solely owned by the decedent, or jointly owned but lacking a provision for automatic succession, known as tenants in common.

During the probate process, after the estate has settled the cost of probate and the decedent’s outstanding debts, assets may be distributed to named beneficiaries, or in the absence of a Last Will to the intestate (statutory) beneficiaries.

Assets that are subject to the court-supervised probate process will be gathered by the estate’s personal representative and eventually distributed to the beneficiaries named in a will.

These assets include:

Bank or investment accounts in the sole name of the decedent
Life insurance or retirement accounts payable to the decedent’s estate
Real estate titled in the sole name of the decedent
In Florida, many assets of the deceased person may be distributed to their new owner without being subject to probate court approval.

Non-probate assets include:

Property jointly held by the decedent and one or more persons either as husband and wife (known as tenants by the entirety) or as joint tenants with rights of survivorship – for example, a house owned by a married couple
Assets that have a named beneficiary such as a retirement account or life insurance
In some instances, the decedent’s surviving spouse and children may be entitled to receive estate assets even if they were not named in the decedent’s will.

For example, a surviving spouse may be entitled to the homestead property left by the decedent or may be able to claim an “elective share” of the probate estate, which may consist of 30 percent of all the decedent’s assets.

A new spouse or children born after the creation of a Last Will that were unintentionally left out may also be entitled to a share of the estate.

If you have additional questions on how the distribution of asset to beneficiaries or any other matter please call our office at 305-931-3200

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