What Happens To Your Homestead Upon Your Death?
Upon your death, what happens to your Florida homestead? The answer depends on whether you have a revocable living trust or a simple last will and testament.
If you have a revocable living trust that is fully funded where you have properly put your homestead into your trust, then the homestead will pass according to the provisions of your trust. The key here is properly put in your trust. Florida homestead law generally states that the surviving spouse must obtain some sort of ownership interest in the homestead unless a martial agreement is in place - prenuptial or postnuptial. If you have put your homestead into your trust without a separate agreement in place there could be some real estate title issues which is a topic for another day.
If you have a last will and testament, then your last will and testament will need to be probated. In the probate process the homestead will be dealt with through what is called a "Petition to Determine Homestead Status." This petition is important because the homestead passes free of any estate creditors to the surviving spouse or heirs and so this ensures that a creditor cannot force the sale of the homestead upon your death.
For more information on dealing with your homestead upon your death, please contact our estate planning attorney at Wood, Atter & Wolf, P.A. in Jacksonville and Ponte Vedra Beach, Florida.
