Inheriting A Florida Homestead After Probate

One of the fundamental tenets of Florida property law is the homestead exemption. Under state law, a resident of Florida who identifies a certain piece of property as their primary residence receives an “exemption from all taxation” (with certain rare exceptions) up to $25,000. Upon the homeowner’s passing, the homestead will always pass to a surviving spouse, if there is one – but if there is no surviving spouse, the person who will inherit the homestead may have to fulfill certain criteria first. If you have questions, it may be a good idea to consult an experienced attorney.

Homestead Can Avoid Probate

One of the most crucial things to be aware of upon the passing of the homestead’s owner is that a homestead is, by definition, not a part of the decedent’s probate estate and not subject to creditors’ claims. If the deceased person expressed a clear wish for one specific person to inherit the homestead, they might wish to file a petition expressing that, and to verify the property’s homestead status.

That said, the property itself will not pass to the new owner until the probate process is concluded, so if there are other assets left by the decedent, it may be a good idea to try and avoid probate altogether. There are ways to do so – for example, it is possible to put most assets in a living trust, which takes assets out of a person’s name and thus out of the probate process. It is even possible to put a homestead property in a living trust as long as the trust’s documents grant you a “beneficial interest for life.”

Act Fast (If Possible)

If there is no real consensus on which beneficiary can receive the homestead property, the process will be much more difficult in terms of determining who may ultimately receive it. The exemption for homestead property ends one year after the death of its owner, which means that it is far more likely that the property may wind up divided or sold in order to ensure that the rights of all potential heirs are protected. Probate is a process that can take months or even years if an estate is complex, and by then, a homestead may no longer be a homestead.

It is a good idea to consult an attorney when dealing with probate issues in Florida, even if the fate of the homestead is well in hand. There are many questions that are too difficult for most people to handle alone, and a mistake can lead to the decedent’s assets – or their home – winding up in the hands of the wrong person. The stakes are too high to risk such an outcome.

Call A Hollywood, FL Probate Attorney

Losing a family member is not an easy process, but adding legal woes in addition can be too much to handle for many. A Hollywood, FL probate attorney from the Law Offices of Steven A. Mason, P.A. can help to shoulder some of the load. Contact our office today at (954) 963-5900 for personalized attention.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0100-0199/0196/Sections/0196.031.html