Real Property Clause In Will In Palm Beach
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Courts May Only Invalidate a Will Under Certain Circumstances. While a will can be declared void if it was procured by fraud, duress, or undue influence, a mistake in the drafting or execution of a will may not be grounds to invalidate the entire document.
What Assets Avoid Probate in Florida? Revocable Trusts. Designated Beneficiaries. Transfer on Death Accounts. Joint Retirement Accounts. Tenancy By Entireties. Florida Homestead. Furniture and Appliances. Vehicles.
Florida doesn't allow real estate to be transferred with transfer-on-death (TOD) deeds. But there is a type of deed available in Florida known as an enhanced life estate deed, or "Lady Bird" deed. A Lady Bird deed functions like a TOD deed by allowing real estate to avoid probate.
Your primary residence is called a 'homestead' and is not generally subject to probate. That's because Florida homesteads are exempt property to creditor claims. Title to a homestead should be relatively quick and easy, with no need to wait for the long and stressful probate process.
Although the exact time frame is debatable, an estate can be expected to be settled within a few months for simple estates and a year or more for more complex estates. The probate process for Florida estate settlements typically takes about six months to a year, depending on all factors involved.
Three common types of assets that do not have to go through probate are joint tenancy, community property, and property that is held in a trust.
(2) Exempt property shall consist of: (a) Household furniture, furnishings, and appliances in the decedent's usual place of abode up to a net value of $20,000 as of the date of death.
This is the exception for “small estates.” Under Section 735.301 of the Florida Statutes, if the decedent leaves behind the personal property with a net value of no more than $20,000 plus no more than two motor vehicles and a limited number of other assets as specified in Section 732.402, then probate is not required.
In FL, estates worth $75,000 or more, where the decedent died within the last two years, must go through formal probate proceedings, but there's a lot that goes into this calculation. At Vollrath Law, we've guided countless grieving clients through this territory, equipping them to make informed choices amid grief.
Generally, married folks own property jointly. Thus, if one spouse passes away, the property goes to the other. However, if anyone is the sole owner of a home, property, or piece of land, that real estate must go through probate court before inheritance may take place.