ESTATE PLANNING IN MIAMI BEACH, FL, AND MY REAL ESTATE?
Depending on how your assets are titled, your property will transfer differently upon your death. There are three kinds of joint ownership in Florida as explained below. A fourth option, also explained below, is to avoid probate court by hiring an estate planning attorney in Miami Beach, FL to create a trust for you. By owning your property inside of a revocable trust, you can avoid Miami-Dade probate court involvement. Merely stating your wishes in a will does not prevent the need for probate court and judicial intervention in your personal affairs. Thus, with a will, Miami-Dade probate court is required and with a correctly created and funded trust, it is not required.
HOW DOES TENANCY BY THE ENTIRETIES WORK?
Tenancy by the entireties in Florida is a marital protection from creditors and is defined as marital property with rights of survivorship. Florida does not recognize common law marriages. Thus, you must be legally married for this kind of property to apply to you. In this example, A and B take title as husband and wife, and when one of them die, the other owns the property 100%.
HOW DOES JOINT TENANTS WITH RIGHTS OF SURVIVORSHIP WORK?
Join tenants with rights of survivorship is the most common scenario. In this case, at least two people hold the property jointly and if one person dies, the other owns the property. This ownership is automatic 100% ownership. For example, A and B own property together and if A dies, B owns the property. This avoids probate court involvement and B will only have to file a death certificate of A in the county recording office. This is used often in the case of family members and loved ones.
HOW DOES TENANTS IN COMMON WORK?
Tenants in common is used when the owners are investors, business partners, or do not want to share in the ownership entirely. For example, A and B own a house as tenants in common. If A dies, then A’s share goes to A’s family or loved ones through the Miami-Dade probate court system and B remains as the half owner of the house. This is often used when the owners have separate children or are investors. Thus, with tenants in common each person owns 50% and Miami-Dade probate court is required when each of the 50% owner’s die. And yes, a will still requires a Miami-Dade probate court involvement.
CAN REAL PROPERTY BE OWNED BY A REVOCABLE TRUST?
Yes, real property can be owned by a trust and this is often the best solution. Trusts are very helpful in avoiding probate court involvement in Miami-Dade County which is costly and time consuming. In this scenario, an entire real estate or even part of a real estate property can be placed in a trust. Adding on to the example above, two individuals own real estate as tenants in common, they can each put their ½ share into their own respective trusts. If done properly, this will avoid probate.
WHY SHOULD YOU USE ALLY M. GLASER, PA TO HANDLE YOUR WILLS AND TRUSTS, ESTATE PLANNING IN MIAMI BEACH AND MIAMI-DADE AND BROWARD PROBATE MATTERS?
As a Miami Beach Estate Planning, Wills and Trusts and Probate Attorney in Miami Beach with over twenty-six years of experience and both a Psychology and Law degree, I handle these matters with knowledge and sensitivity. I am familiar and comfortable with both the Broward County and Miami-Dade probate court system and know how to get things done. Additionally, because I do both estate planning and probate law, I am familiar with the challenges of each and provide my clients with additional protections. Call or email me today to discuss your Miami Beach Estate Planning, Wills and Trusts and Miami-Dade County Probate matters. I am happy to help you and your loved ones during this important process.