Leaving Behind a Jointly Owned Home in Stuart

Many couples in Florida jointly own their homes. When spouses approach their twilight years, they might wonder how to leave behind this property. While the obvious option might be to leave the entire property to a single beneficiary, this isn’t always possible. Perhaps the couple never had children. Maybe they each have their own children from previous marriages, and they met relatively late in life. Whatever the case may be, an experienced estate planning lawyer in Stuart may be able to help assess potential solutions.

What Happens to My Jointly Owned Home After I Pass Away?

 If you pass away,  provided the deed states that the two of you own the property as Spouses (ex. A Married Couple or Husband and Wife) or as Joint Tenants With Rights of Survivorship your jointly owned home passes automatically to your spouse. This process is relatively seamless, and it bypasses probate. Bypassing probate is an important goal for many spouses in Florida, since this legal process can be both expensive and time-consuming for your family.

Not only does joint tenancy allow you to avoid probate, but it also ensures that each owner has equal say on major decisions regarding the property. Note that you can purchase a property and own it as joint tenants  with rights of survivorship without ever getting married. That being said, you might not necessarily agree with this ownership strategy. What happens if you prefer to leave your “half” of the home to someone other than your spouse?

Changing the Ownership to “Tenants in Common”

If you want to leave your half of the property to someone other than your spouse after your passing, consider tenancy in common instead of joint tenancy. When you and your spouse are tenants in common, you each control what happens to your share of the property. You can leave behind your share of the property to a specific beneficiary in your Will, and this offers greater control. It might be particularly beneficial for spouses who have children from previous marriages.

However, you should remember that tenancy in common does not bypass the probate process. This could make inheritance more challenging for your loved ones after you pass. Ultimately, each family will have to consider the pros and cons of each system to decide the best option.

It is also important to know that there are specific rights that married persons have with respect to a couple’s homestead property which supersede the power to give away ownership of the marital homestead property. These rights are written into the Florida Constitution and cannot be waived without the knowledge and consent of the married persons.

If you have not yet purchased  a home  but are planning to do so, you should consider speaking with an attorney about your intended goals for the property in order to make certain that your intentions are followed and legally binding. An experienced estate planning lawyer can guide you through this process.

Speak With a Stuart Estate Planning Attorney 

If you’re curious about leaving behind a jointly owned home in Florida, why not speak with an experienced Stuart estate planning attorney? Real estate is a common issue during estate planning, and you are not alone in asking these kinds of questions. The benefit of having the conversation is that because these kinds of issues are so common, there are many potential solutions to consider. Contact Kitroser Lewis & Mighdoll to discuss your family circumstances in more detail.

Sources:

 investopedia.com/terms/t/tenancy_in_common.asp

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0600-0699/0689/Sections/0689.15.html