Does My Will Have to be Probated?
Video Summary
Many prepare a will in the hopes that it will prevent their estate from undergoing the probate process at the time of their passing. However, if you are in sole ownership of any assets with no co-owner or beneficiary legally established, then those assets will need to be probated.
If you have any questions about estate planning or would like to have your will prepared, please call Waller & Mitchell at (727) 847-2288.
Terms in a Will
Video Summary
Two common terms used in preparation of a will are per stirpes and per capita. Both refer to different ways to indicate how your assets are to be distributed amongst your beneficiaries.
Per Stirpes means that if a benificiary named in your will dies before you do, then his or her share of the inheritance will pass to his or her beneficiaries.
Per Capita means that if a beneficiary named in your will dies before you do, this his or her share of the inheritance will be divided equally among the remaining beneficiaries.
For example, let’s say you have two children and the older dies.
If your will is written per stirpes, the older child’s beneficiaries will receive his half of your estate.
If your will is written per capita, the younger child will receive one hundred percent of your estate.
What Does Homestead Mean?
Video Summary
Legislation related to the term “homestead” is set forth in multiple parts of the Florida state constitution. A component of these laws relates to real estate exemption. Here are some details of Florida’s homestead laws:
– A homeowner can exempt the first $25,000 of the assessed value of the home.
– In Pasco County, this would save someone roughly $500 in taxes.
– The second $25,000 of the home’s value ($25,001 – $50,000) is fully taxes.
– The third $25,000 of the home’s value ($50,001 – $75,000) is exempt from all taxes except for school tax.
– In Pasco County, this would save someone roughly $300 in taxes.
– The “Save Our Homes” amendment states that the assessed value of a house cannot increase annually by more than 3% or the rate of inflation, whichever is less.
– The exemption also provides a protection from creditors so that they cannot attempt to collect on a debt from the value of the house.
Who qualifies for the Homestead Exemption?
– You must be a Florida resident.
– You must own the property in question by December 31 of the year for which you will claim exemption.
– You must occupy the property as your primary residence.
– You must apply for the exemption by March 1 of the year following the year for which you will claim exemption.
If you have questions regarding the homestead laws and how to protect your property, call the Law Offices of Waller & Mitchell at (727) 847-2288 today.
- Published in Real Estate, Videos