Wealthy snowbirds who live half the year in a less humid state or country, such as Canada, often own bank accounts, expensive automobiles and planes that are titled in Florida for their use when they flee the frigid conditions of the frozen north.
But what happens when the owners pass? How are these assets addressed?
You can open an ancillary probate process
Ancillary probate is the term used when people who are primarily domiciled in another state or country die but own assets titled here in Florida. These assets are still part of the decedent’s estate. Because of this, in addition to the probate already opened in the other location, an ancillary probate may also need to be opened to deal with these items.
It should also be noted that ancillary probate can also be used to transfer ownership of mineral rights, natural gas, oil or even livestock located or housed in Florida.
Can ancillary probate be avoided?
Certainly, but that requires pre-planning. If the owner has already passed away, there may be ways to avoid ancillary probate, but the best way to do that is for the person — during their lifetime — to add those items or mineral rights to a living trust.
Skipping the costs of ancillary probate could also be achieved by creating a new deed of joint tenancy with rights of survivorship. For instance, if you are married but want your adult children to inherit your Miami beachfront property, you could add their names to the deed and bypass probate.
What options are best?
It’s impossible to say, given that everyone has different priorities and intentions for their property. Learn all you can about Florida’s probate process to get the best results.