Does the way in which I hold title make a difference in my overall estate plan?
Yes, the way that you hold title to your assets can make a big difference in your estate plan. For example, if you own assets jointly with somebody when you pass away, then the joint owner will be the owner of those assets. If you have assets where you’ve named beneficiaries to receive those after you pass away, then those assets will go directly to the beneficiaries. That leaves the assets that are in your individual name to pass through your probate proceeding according to your will. If you don’t have a will then the probate court will follow the Florida statues that govern who will receive your assets after your death. In addition you can set up a revocable living trust and fund that trust with your assets before your death and that can avoid probate.