WILLS
In Florida, wills are governed by the Florida Probate Code, which outlines the legal requirements for creating a valid will. Here are a few key points to consider:
- Legal Capacity: To create a will in Florida, you must be at least 18 years old and of sound mind.
- Writing: A will must be in writing, either typed or handwritten. Oral wills are generally not recognized.
- Signature: The will must be signed by the testator (the person making the will) at the end of the document.
- Witness Requirements: Florida law requires at least two witnesses to be present when the testator signs the will. The witnesses must be mentally competent, at least 18 years old, and cannot be beneficiaries or spouses of beneficiaries named in the will.
- Self-Proving Affidavit: It's advisable to include a self-proving affidavit with the will. This affidavit is signed by the testator, witnesses, and notary. This process helps simplify the probate process by allowing the court to accept the will as valid without requiring witnesses to testify in court.
LADY BIRD DEEDS
A Florida Lady Bird deed, also known as an enhanced life estate deed or an enhanced fee simple deed with reservation of life estate, is a type of real estate instrument used in Florida. It is named after the lady bird beetle (also known as the ladybug), which is known for being beneficial to the environment.
A lady bird deed is a legal tool that allows property owners to retain control over their property during their lifetime while also allowing for a smooth transfer of the property to designated beneficiaries upon their death. It offers several advantages compared to traditional life estate deeds. Here are some key features and benefits of a Florida lady bird deed:
- Retention of control: The property owner retains control over the property during their lifetime. They have the right to use and enjoy the property, sell it, mortgage it, or even change the designated beneficiaries without consent.
- Avoiding probate: Upon the property owner's death, the property transfers automatically to the designated beneficiaries without the need for probate proceedings. This can save time and money for the beneficiaries.
- Medicaid planning: Lady bird deeds can be used as part of Medicaid planning strategies. By retaining control of the property, the owner may be able to qualify for Medicaid benefits while still ensuring that the property passes to their chosen beneficiaries after their death.
- Stepped-up basis: When the property transfers to the beneficiaries, they receive a "stepped-up" basis, which means the property's value is reset to its current market value at the time of the owner's death. This can have potential tax advantages for the beneficiaries if they decide to sell the property later.
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