At the Law Offices of Frye & Vazquez, P.L., our Miami lawyers help clients avoid the expensive, complicated and public Florida probate process required to gain access to a loved one's estate when he/she passes away, by drafting living trusts for them and making sure the trusts are properly funded. With a funded living trust, families can avoid a court-managed process, and we can simply guide the successor trustee in administering the distribution of the estate.
Benefits of a properly funded living trust:
- Ability to avoid probate/minimize the expenses and delays associated with the settlement of your estate
- Immediate transfer of assets after death with no court interference
- Ability to maintain family privacy
When there is just a will and no living trust, an estate becomes tied up in the Probate court process leaving the surviving family with no access to the assets. A surviving spouse or child may be forced to apply to the probate court for needed cash to pay current expenses. Our experienced attorneys help Florida and out-of-state clients properly plan so that assets can pass on to loved ones without undergoing probate, in a manner that is quick, inexpensive and private.
A Living Trust — allowing you to retain control and to designate your desired Successor Trustee
A Living Trust can be used to hold legal title to your assets while allowing you to remain in complete control of them. You (and your spouse) are the trustee(s) and beneficiaries of your trust during your lifetime.
A successor trustee designated by you will implement your desires upon your death or incapacity. Your living trust is "revocable" which allows you to make changes and even to terminate it.
Strategies Not to Be Relied Upon:
Joint Ownership of Assets, Pay-on-Death Accounts and Beneficiary Designations
It is common for people to believe that these methods will ensure probate avoidance and accomplish their goals. However, at our law firm we do not recommend relying upon any of these strategies as there are potential pitfalls and problems associated with each one including tax inefficiencies, inflexibility of distribution to beneficiaries, exposure to creditors, joint ownership headaches, lack of trust protection for beneficiaries and homestead exemption issues.
From our offices in Miami, we provide estate planning, probate and asset protection services for individuals and families in Miami-Dade County, Broward County and communities throughout South Florida. Call us at 305-508-5749 or contact us by e-mail to arrange an initial consultation with an experienced Miami probate planning law attorney.