New Florida Homestead Law Takes Effect October 1

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In early June, we blogged about the new Florida Homestead Law that Governor Crist signed into law regarding the way a homesteaded property may pass to a surviving spouse.

That new law goes into effect on October 1, and will have a dramatic effect on the passing of real property to a surviving spouse and children:

Current Law: Husband with adult children from first marriage is married again to Wife 2. Husband dies without a will or estate plan. Wife 2 gets a life estate in the property (meaning she can live there as long as she lives) with the remainder going to the children. Wife 2 cannot sell the home without the permission of the children. Wife 2 has no ownership rights but is solely responsible for all taxes and upkeep of the property.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© David Wolf | Attorney Advertising

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