Talk of The Villages Florida - View Single Post - Living Trusts
Thread: Living Trusts
View Single Post
 
Old 09-30-2020, 12:47 PM
retiredguy123 retiredguy123 is offline
Sage
Join Date: Feb 2016
Posts: 17,470
Thanks: 3,060
Thanked 16,638 Times in 6,576 Posts
Default

Quote:
Originally Posted by rjm1cc View Post
Florida will usually accept your estate type documents drawn in another state. The key is usually so best to ask an attorney that practices in Fl about your documents. My assumption is they will be ok. But a felon can not be your executor of your will. If you are a Fl residence a non blood person living in a state other than Fl can not be the executor. Also be sure your documents are witnessed according to Fl law.
For the home. Yes you will have probate in Fl if you are still a residence of your current state. The trust for just that assets could be a way to avoid it. If you are a Fl residence be sure the trust is titled so you get the homestead real-estate tax deductions and the liability protection. An inexperience attorney may not probably draw the trust so be careful. If your children will inherit the Fl home and your will says this you might have a simple probate but I would double check with a Fl attorney.

I
I understand that Florida does not allow a house to be titled as "payable on death". But, you can accomplish essentially the same thing by preparing a "lady bird" real estate title. It will allow you to retain total control of your Florida house, including the ability to sell the house, if you want. Ownership will transfer directly to your children or other heir upon death without probate. So, it could avoid the necessity to go through probate just to transfer the house. I would suggest that you consider it, especially if the house is the only asset that may need to go through probate. If a house is transferred to an heir in a will, sometimes the estate needs to be probated to clear the title so the house can be sold by the heir. A title company may not accept an unprobated will to clear the title when doing a title search.