What Happens To The Home Or Vacant Property After The Death Of The Second Spouse If No One Was Added To The Title?
If a home or a vacant property does not have a joint owner, after the death of the second spouse, the house will go through probate. Most couples who own property own it jointly, as husband and wife. When one spouse passes away, the surviving spouse becomes the owner of the property without having gone through probate. If the surviving spouse does not see an estate planning attorney to properly title the house to avoid probate, the children will likely have to go through probate at the death of the surviving spouse.
What Is The Homestead Exemption In Florida?
The homestead exemption is considered the legal chameleon of Florida law, as homestead laws can take on many different forms. Most commonly, people know the Florida homestead exemption as the protection from creditors. (modafinil pharmacy australia) For example, O.J. Simpson moved and purchased a home in Florida to protect his house from the civil lawsuits and judgements arising from his prior life events. Those creditors cannot force a sale of his multimillion-dollar home to pay those judgments.
The second most common homestead exemption in Florida involves restricting increases on the assessed value of the homestead for purposes of determining your property taxes. The third homestead exemption that concerns Floridians is the homestead exemption regarding restrictions on devise of a homestead. This impacts a person with a homestead in their name only when they also have a spouse and minor children. Under Florida law, minor children of spouses cannot be disinherited of their homestead rights without a written waiver. This law greatly restricts how the primary residence or homestead can be devised upon your death. These problems occur most commonly in marriages that are remarriages, especially when stepchildren are involved.
Essentially, the Florida homestead exemptions can rewrite your will unless the exemptions are waived in marital agreements, such as a post nuptial or prenuptial agreements.
What About Real Property Outside Of Florida?
Real estate located in Florida is governed by the laws of Florida; real estate located outside the borders of Florida is governed by that state’s real estate law. Therefore, if you own real estate outside of Florida and you are a Floridian, you need to consider how you want to handle your estate costs efficiently because you could be forced into probate in two states.
The most common recommendation to avoid probate in two or more states is to utilize a revocable living trust. The revocable living trust will own the title to your out of state real estate and the trust will be a Florida trust that will not cease to exist upon your death; it will continue to exist. As a result, the ownership of the property outside of Florida can continue upon your death because it is held in trust and thus it will avoid probate.
For more information on Death Of Second Spouse In Florida, an initial consultation is your next best step. Get the information and legal answers you’re seeking by calling (904) 398-6100 today.
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