With today’s court system, more and more people are choosing to avoid probate court when they create their will. Sometimes they want to make things simpler for their loved ones. Other times they decide to split their assets very carefully to avoid conflict.
Some people might even want to transfer property before their passing. In all cases, finding a way to transfer property is a priority when creating your will or trust. There are a few ways that you can do this.
Sales and gifts
One of the more straightforward ways to transfer property is through a sale. An owner can legally sell their property to a relative or child. They can also choose to gift it, although gifting sometimes leaves the recipient open to tax liabilities.
Transfer on death and payable on death
In Florida, it is possible to transfer monetary possessions such as bank and investment accounts using either a transfer on death form or a payable on death stipulation. A person cannot transfer real property such as houses or land this way.
Trusts are probably the most common and iron-clad ways to transfer property. In this case, the trust owns the property. Then the trust transfers to the beneficiaries when you pass. This works for monetary assets as well as real property.
To avoid conflict, tax implications and court costs, many Florida residents are choosing to use one of these options rather than a standard will. It is extremely important to know all of the avenues when deciding how to transfer property.