Full question:
Hi, I own a home in Florida in my name only. I plan to get married to a veteran and if I put the property in both of our names titled Tenants by the Entirety, we are completely exempt from paying property taxes. The problem is, we both have children from other marriages. My home has sentimental value and all my children were raised there. In addition, I have always planned and informed my children that when I pass, that the house will go to them. I am with the understanding that If I get married and put the homestead property in my and my new husband's name as Tenants By The Entirety that if I pass before he, he will own the house completely and then if he passes, his children would be the heirs left and my children would not be entitled to any of it, again if I pass before he does. Is there a way to put Florida property in Tenants By The Entirety to where both sides of children (heirs) would receive a share at the time of our deaths if we pass on at different times?
- Category: Real Property
- Subcategory: Joint Tenants
- Date:
- State: Florida
Answer:
If property is held as tenants by the entirety, it passes automatically to the surviving spouse upon the death of one spouse, avoiding probate. To ensure that both spouses' children receive a share after both pass, a mutual will can be created. This will allow each spouse to designate their own beneficiaries. Alternatively, you can transfer the property from tenants by the entirety to a tenancy in common or into a trust, naming specific beneficiaries.
Tenancy by the entirety is a joint ownership form for married couples, where each spouse has an equal interest. Upon the death of one spouse, the other automatically becomes the sole owner. However, this means that your children would not inherit the property if you pass first. In contrast, a tenancy in common allows for each owner's interest to be passed on according to their will or state intestacy laws, which can provide a way for both sets of children to inherit. Each co-owner can sell or will their share separately.
Consulting with an estate planning attorney is advisable to navigate these options and ensure your wishes are honored.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.