Video Summary
How do assets pass it death? Well, the most easiest way to have the assets best is through beneficiaries, which everyone’s familiar with life insurance. And so you designate a beneficiary on your life insurance application, or the decedent does designating who the beneficiary is. That’s the same way that IRAs are passed to beneficiaries annuities. You can also set up your brokerage accounts with a designation of a beneficiary by designating a transfer on death, beneficiary, and name, whoever you wish to receive it. Your bank accounts, wouldn’t be set up with a payable on death and they will then pass to whoever you designate as the beneficiary. If someone dies and they own asset titled assets in their name alone, such as real estate or a bank account, then, they would pass through a probate proceeding. And we would first ask if there’s a will, which says who the beneficiary would be. And if so, then once it goes through the probate proceeding, the creditors get paid and the administration costs get paid. And then the money passes to the designated beneficiary through the probate process. If the decedent died without a will, then the laws of the state of Florida designate who is to receive the assets of the decedent. And again goes through a probate process and the, the creditors are paid. The administration expenses are paid and then it passes or is distributed to the beneficiaries that are designated under the Florida laws. If you have any questions about a probate or, who receives assets upon a decedent’s death, Well, give me a call at (727) 847-2288.