Here in Southwest Florida, we are known as a premier retirement destination. The result is many people come here to live out the rest of their days, and when they pass on, they leave their Florida real estate to family, whether it’s siblings, children, or grandchildren. If the deceased have not been clear in their will about what’s to be done with the property they are leaving behind, it can be a mess that ends up in court.
Inherited property is often a significant source of strife among family members. Emotions and finances are both equally at play in these cases, which can make the situation extremely contentious. If family members can’t agree, the case can be litigated. In other words, a judge can decide what happens to the property. In this article, your experienced Southwest Florida real estate attorney Brian D. Zinn discusses the options in more detail. But first, let’s examine how property in Florida is passed on to heirs.
Inheritance laws in Florida
When a person dies with a will or living trust in place, the document dictates what happens to their assets. This includes money, stocks, personal belongings, and property. Property can include primary residences, vacation homes, acreage, or business property. Depending on the terms of the will, property may go to spouses, children, grandchildren, nieces, nephews, siblings, business associates, or whoever the decedent wanted to inherit it.
When it comes to inheritance laws, if a will is not in place at the time of death, Florida follows a process called intestate law. Any assets left behind and not named in a will or trust are distributed to close relatives. A surviving spouse generally will receive half of the intestate property. If there is no spouse, the person’s descendants will receive the property. Children are the first in line to inherit property with other non-immediate relatives coming next. If there is more than one child, the siblings become co-owners. All inherited property in Florida must be entered into probate court. Probate is the process of distributing a person’s assets to their beneficiaries after bills are paid. In Florida, if someone dies with assets of their own, the estate must go through probate. The only exception is if the property has been deeded away prior to the person’s death. If you plan to sell the inherited property, you’ll have to get permission in probate court unless you qualify for summary probate. Summary probate means:
- The decedent has been gone for two years or longer,
- The value of all inherited property totals less than $75,000
- All interested parties agree to the sale
By foregoing formal probate court, you’ll save some time and money. Unfortunately, these conditions don’t apply to most people who inherit property in Florida. To find out more about these laws that affect real estate, call Brian Zinn Give us a call for a free consultation to look over your case (239) 418-1529 or go to our website www.zinn.law
