Jonathan Smith was featured in the Jacksonville Daily record for his work with the Downtown Council Chamber of Commerce.
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Dec 272011
Jonathan Smith attended a private tour of city hall with the Downtown Council led by Councilperson Jim Love on December 16,2011.
Jonathan M. Smith was named the 2012 President of the Downtown Council Chamber of Commerce!
As a probate attorney in Florida, when meeting with clients I often get asked the question:
“Why is a probate necessary when my mom (or fill a name in the blank) has a Last Will and Testament leaving all of their assets to me?”.
In Florida if someone dies and leaves assets titled only in their name individually, assuming no beneficiary is named, then the only way to transfer assets to the the named beneficiary is to open a probate with the Court. Even if you have a parents or other family members die leaving a Will naming you as the sole beneficiary, the only way for you to legally transfer title of the assets into your name is to do a probate for that person. Usually you will need to hire a probate attorney to assist with this process as there are specific procedures and documents that must be filed with the Court to properly do the transfer.
The exception would be if the assets name a joint owner, such as with a bank account titled in two names. If this is the case then the bank account would pass to the survivor and the beneficiary would only need to show a certified copy of the decedent’s death certificate to have the account put in their name solely. Another exception would be if you are dealing with assets that name a beneficiary, such as with life insurance, retirements accounts etc. These assets do not need to go through probate and can be fairly easily claimed by the beneficiary named.
If you are trying to determine whether or not you need to do a probate for a deceased family member I would encourage you to find a probate attorney in your area to speak to about it.
The Jacksonville Women Lawyers Association is collecting laundry baskets to donate to Community Connections, a community service organization that assists children and families of Jacksonville. Community Connections will fill the baskets with items to provide a family with a Thanksgiving dinner. Baskets can be dropped off at the law office of Naugle & Smith at 810 Margaret Street or Community Connections at the Florence N. Davis Center at 325 East Duval Street. For more information contact Katherine Schnauss Naugle at 483-3830.
The Florida Bar states: “In some situations your homestead property can be transferred to your trust. Most Florida counties have special requirements to maintain the homestead tax exemption and special language may be required in the trust agreement and the deed. However, homestead property may lose its exemption from creditors when title is held in a revocable trust—the bankruptcy law on this point is unsettled. Your attorney can advise you on whether placing your homestead in your trust is appropriate, and if so, the requirements for a valid transfer.” If you have questions regarding this or any other estate planning issue please feel free to contact me at (904)366-2703 or by email at knaugle@jaxlawteam.com
The Florida Bar states: “The account statement, stock certificate, title or deed will make some reference to the trust or to you as trustee. You might also elect to fund your trust by naming the trust as a beneficiary of life insurance or other similar arrangements. Your attorney and financial advisor may assist you with the transfer of assets to your trust. If your trust will own real estate then it is important to have the deed prepared by an attorney. The attorney will consider the impact of existing mortgages, title issues and homestead restrictions when the deed is prepared.”
The Florida Bar states,
“[a] revocable trust avoids probate by effecting the transfer of assets during your lifetime to the trustee. This avoids the need to use the probate process to make the transfer after your death. The trustee has immediate authority to manage the trust assets at your death; appointment by the court is not necessary.
The “funding” of a revocable trust is critical to successfully avoid probate. Those persons who do not fully fund their trusts often need both a probate administration for the non-trust assets as well as a trust administration to completely distribute the assets. Because the revocable trust may not completely avoid probate, a simple “pour over” will is needed to transfer any probate assets to the trust after death. ”
If you have questions regarding this or if we can be of assistance to you please feel free to contact me, Katherine B. Schnauss Naugle (904)366-2703 or at knaugle@jaxlawteam.com.
Jacksonville Women Lawyers had their opening reception on September 8th, 2011 at Yatch Club. It was a wonderful event and fun was had by all. JWLA’s next meeting will be held October 12th, 2011 at The river Club. Our speaker will be Susan Constantine. Susan is a body language expert and a consultant for the Casey Anthony Trial. RSVP to kate@mesiclaw.com to secure your reservation. Full story on the Daily Record Website.
Sep 082011
The Florida Bar says: “No, only assets owned by a decedent in his or her individual name require probate. Assets owned jointly as “tenants by the entirety” with a spouse, or “with rights of survivorship” with a spouse or any other person will pass to the surviving owner without probate. This is also true for assets with designated beneficiaries, such as life insurance, retirement accounts, annuities, and bank accounts and investments designated as “pay on death” or “in trust for” a named beneficiary. Assets held in trust will also avoid probate.”
