Advanced Estate Planning For Florida Property
January 27, 2015
Many people move to Florida to retire. As a result, Florida has become a national hotbed for probate and estate planning. Several Florida property owners seek to structure their estate plans in order to allow assets to pass more easily to beneficiaries with the advice of area law firms.
Some professionals suggest first creating a living trust and then transferring title of real estate from an individual to the estate. One must be wary of making a beneficiary a co-owner of the property, however, as they could potentially force sale. By creating the trust and transferring the title, property owners are able to pass the property more easily to their beneficiaries than going through a probate of wills in court. As another option, the owner may choose to create a joint tenancy with right of survivorship, often with a spouse. These rights of survivorship give property rights to the joint tenant and, upon one joint tenant’s death, allow the property to transfer to the surviving joint tenant.
As with any unique probate or estate planning matter, it may be wise to consult a knowledgeable attorney. A legal professional may provide representation in estate, trust and probate matters for many clients who own Florida real property.
When faced with this situation, an attorney instructing a client on estate administration might suggest that the title to real estate is changed from a client’s name to a living trust. For clients who do not have an established living trust, an attorney might also be a good resource to learn how to establish the trust.