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Old 01-21-2017, 09:15 PM
 
Location: Boca Raton, FL
5,174 posts, read 8,696,248 times
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Quote:
Originally Posted by jiminnm View Post
Florida recognizes transfer on death financial accounts (bank, brokerage, etc.). That sets up the transferee as a beneficiary on the account, which usually just requires the beneficiary to present a death cert to get the account. Florida does not allow a transfer on death deed for real property.

How the property ownership moves after your FIL's death depends on how the house is titled with your husband. If the house is titled jointly with right of survivorship (and I think, in Florida, it has to be expressly stated), then your husband will become sole owner on your FIL's death. Until then, he is an owner and can be sued, fined, etc. If there are no survivorship rights, then your husband owns half of the property and your FIL owns half. Your FIL's half will have to be dealt with in the will. You can still get the house retitled to meet your needs if your FIL is willing. You could also consider transferring full ownership to your husband and having your FIL retain a life estate. An elder law attorney should be able to discuss the options.
The bank told my husband to transfer all monies to a different account under his name but it is his decision. I'm just trying to gather the right info. (We bank at the same bank)

My husband is it - the only one on the will and the only child. We also copies of prior wills (my MIL updated them each year) that were more specific (gave lists of everything) and everything went to him. My MIL was a legal secretary at one time.

We just need to pull permits and start work on the house right away after he passes. The house is really the main asset and the homes rent very quickly.
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Old 01-22-2017, 12:08 PM
 
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Quote:
Originally Posted by Bette View Post
Met with 2 attorneys but they dealt with wills, trusts, etc. Not actually identified as an elderlaw attorney.

The initial meeting was years ago and we got certain things set up, however, the 2nd attorney was someone over the phone just a few days ago who brought up other issues.

We do not have much time left and thought we were prepared.

Here's the issue: The single family home is titled in both names - FIL and my husband. Long time since 2005. The home is in disrepair and needs work, however, FIL will not allow any work. We thought OK, once he passes, then we can do the renovations and get it rented. However, this may go to probate with what I am hearing and that could take a while. Trying to avoid all that. (could be some code violations from the city also - not sure - due to disrepair).

You need to see an elder law attorney ASAP; you really should have seen one long ago. Your husband's name should have never been put on the house deed for many reasons, lawsuits, stepped up basis, housing code violations, etc. I don't know how it is in the local jurisdiction where the home is located, but in many places now, criminal charges can be placed against one who owns a property with housing code violations and jail time can be served. A life estate deed or a living trust would have been a much better alternative. The personal property such as the TOD accounts can be transferred into your husband's name to avoid probate.

Last edited by james777; 01-22-2017 at 12:16 PM..
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Old 01-22-2017, 12:28 PM
 
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Avoiding Probate in Florida | Nolo.com Hope this helps
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Old 01-22-2017, 12:40 PM
 
Location: Florida
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Quote:
Originally Posted by smartygurl View Post
We are going through this now. My mother passed away and my father has refused to have anything to do with probate. Not sure how this is going to eventually pan out. They owned property together.
Not knowing the size of the estate etc I would think you have little problems if all the assets are titled together and they have no outstanding debts that he does not pay according to the terms.

Probate assets are usually assets that are in the deceased name only and any debts in that persons name.
This would include her clothing and jewelry. Some states vary the probate by dollar value and maybe you will be under this limit.
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Old 01-22-2017, 12:48 PM
 
1,836 posts, read 788,155 times
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Quote:
Originally Posted by Bette View Post
The bank told my husband to transfer all monies to a different account under his name but it is his decision. I'm just trying to gather the right info. (We bank at the same bank)

My husband is it - the only one on the will and the only child. We also copies of prior wills (my MIL updated them each year) that were more specific (gave lists of everything) and everything went to him. My MIL was a legal secretary at one time.

We just need to pull permits and start work on the house right away after he passes. The house is really the main asset and the homes rent very quickly.
If the deed to the house is joint tenant with right of survivorship then no probate. Look at the deed. If it states tenancy in common you have to go through probate. Your FIL might have medical expenses that will need to be paid, so make sure that you have enough money to do so whether probated or not. If your husband's name is on the bank accounts no worries, he can withdraw as soon as his dad dies no questions asked.
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Old 01-22-2017, 06:27 PM
 
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Everyone should have an Estate plan in place. If you don't plan your respective state at some point will step in and make the decision for you. Which of course will make it hard for the person left behind to settle the Estate.
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Old 01-22-2017, 09:29 PM
 
Location: Boca Raton, FL
5,174 posts, read 8,696,248 times
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Smile Deed shows "and"

Quote:
Originally Posted by NorthofHere View Post
If the deed to the house is joint tenant with right of survivorship then no probate. Look at the deed. If it states tenancy in common you have to go through probate. Your FIL might have medical expenses that will need to be paid, so make sure that you have enough money to do so whether probated or not. If your husband's name is on the bank accounts no worries, he can withdraw as soon as his dad dies no questions asked.
Medical expenses all paid. We will be going through probate. He passed away tonight. There are no debts. For that, I am very thankful.

Note: Someone did tell me we could do work on the home even if it is going through probate. That was my main concern. It's going to take a while to pretty the home up and we will need to rent it out.
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Old 01-22-2017, 09:33 PM
 
Location: Boca Raton, FL
5,174 posts, read 8,696,248 times
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Smile Thanks for your help!

Quote:
Originally Posted by Caltovegas View Post
Everyone should have an Estate plan in place. If you don't plan your respective state at some point will step in and make the decision for you. Which of course will make it hard for the person left behind to settle the Estate.
Years and years ago, my FIL was not willing to do anything but a will and transferring accounts to my husband (example - instead of his wife, my husband took that spot on the account).

However, this is not a large estate - it is over $75K but well under $500K.

My husband is the only child, only heir and it says everything goes to him so we should be OK.

I am thankful we had what we had - he was going to live until 100 so there was no need (his words) and he passed tonight at 94 from bladder cancer.

His earthly journey is ended and he is at peace.
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Old 01-23-2017, 05:08 PM
 
Location: Florida
4,365 posts, read 3,702,696 times
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Yes you can do work on the home to maintain it. Remember to look up summary probate. You maybe able to use estate assets to do the repairs if it helps you get under the 75,000. An attorney told me the home does not count in the 75,000 but reading the law I did not find anything to support that. It could be in the homestead provisions so If it matters I would call the county court house and ask for the probate department and ask then. If you can make an appointment to go down and ask them to tell you your options. In general I think these departments are helpful.
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Old 01-23-2017, 07:27 PM
 
Location: Boca Raton, FL
5,174 posts, read 8,696,248 times
Reputation: 6194
Smile Probate attorney

Well, I had someone look at what we had and he told me this is very straightforward. It is someone I trust; I've worked with him before on other matters so I know he is fair.

My husband and I are meeting with him this week and will get the process started.

By the time it gets done, the house should be ready to rent anyway.

I appreciate all the help and comments.
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