What happens to My Real Estate when I die?

If you’re an investor in the Sunshine State, you’ve probably wondered, “What happens to my real estate when I die?” It’s a crucial question because, in Florida, your real estate could end up in probate if it’s still in your name when you pass away. Let’s delve into this important topic and explore why effective estate planning is essential to safeguard your properties and business interests.

Why Real Estate Ends Up in Probate

When someone passes away, their assets, including real estate, can become subject to a legal process known as probate. This is particularly true if the property is held in their name individually or in their entity’s name. You might be thinking, “I’ve put my business into an entity, so why does my passing matter?” The reality is that even membership shares, unless properly structured, can be entangled in the probate process, affecting both your business and its associated properties.

Securing Your Real Estate and Business

To ensure that neither your personally owned properties nor those owned by your business get stuck in probate, effective estate planning is essential. Here’s what you need to do:

1. Consider Estate Planning: Start by considering estate planning as a proactive measure to protect your assets. This includes your personal properties and those held by your business entity.

2. Professional Guidance: Seek guidance from legal experts who specialize in estate planning. They can help you navigate the complexities of Florida’s probate laws and develop strategies to safeguard your real estate and business interests.

3. Asset Protection Vehicles: Explore options for placing your membership shares and properties into vehicles designed to avoid probate. These strategies can significantly reduce the risk of legal complications when you pass away.

Contact Us for Legacy Planning

If you want to secure your investments and ensure that your real estate and business remain unaffected by probate, we’re here to help. Contact our office at 813-480-2106 to schedule a Legacy Planning Session. During this session, you’ll discover practical steps to protect your businesses from the impact of your passing or incapacitation.