When you purchase a property prior to marriage you take title as co-tenants (similar to a partnership). The default language for taking title between non-spouses is “John Doe and Jane Doe” or “as co-tenants.” Under Florida Law this assumes each owns fifty percent of the property. This has certain implications for survivorship and devise, especially if the heirs of each of the co-tenants is not the same. There are other ways to hold title between non-married individuals such as “joint tenants” which are outside the scope of this article.
To avoid the unintended consequences of an outdated estate plan you should consult on a regular basis with your trusted estate planning professional to make sure your plan is ready in the event it’s needed.
How can I change title to a piece of real property to affect my estate plan and avoid probate, yet still maintain complete control over it during my lifetime, including the ability to un-do the transfer, and not just the right to occupy for as long as I am alive? Florida recognizes an enhanced life estate, otherwise known as a …
Clients creating their estate plans in our office have two choices for the storage of their original Last Will and Testament. Clients can keep their Last Will in our office or keep it with their other important papers.
A bit of planning now can save countless heartaches later. It doesn’t surprise me to learn that nobody seems to want to plan for the inevitable. However, making a complete estate plan is necessary to avoid unintended results and unnecessary expenses after your passing. While it is true that the Legislature has “intestacy laws” in place that control an individual’s estate should they pass without a will or other estate plan, it is usually a vast departure from what our clients expected. The good news is that making a simple (and comprehensive) estate plan is easily accomplished. Follow these 5 simple steps to prepare your simple state plan: