Assets Subject to Florida Probate Administration:
Refers to assets that are in the sole name of the decedent and therefore need to go through probate so the title can be changed to those entitled to receive them. Assets owned jointly with another as joint tenants with right of survivorship or with a spouse through tenancy by the entireties, property with a designated beneficiary such as a life insurance policy, IRA or other retirement plan account or property that is designated to be Transferred on Death to a specified person are not part of the probate estate and therefore will not be subject to probate administration. It is a good idea to avoid probate administration in Florida because of the additional time and cost it takes to receive the property.
Even though these assets may not be subject to Probate, they may be included in the decedent’s estate for Estate Tax Purposes.