Owning Property in Florida

Our estate planning attorneys are often posed with the question of the best way to own real estate in Florida.  The answer really depends on your situation.  And, how your situation may or will change in the future.  Our next series of articles will discuss the different ways in which you can own property in the state of Florida.

Tenancy By Entireties is marital property that is jointly owned and retains rights of survivorship.  In otherwards, the property is titled in the name of both spouses who become co-owners of the property.  When one party dies, ownership automatically passes on to the surviving spouse so it avoids probate. Let’s take a closer look at some important aspects to note about Tenancy By Entireties.

Asset Protection

Florida law extends tenants by entireties protection from a creditor of the other spouse. In otherwards, if one spouse is indebted to a creditor but the other spouse is not, then the property is protected. Another form of asset protection is that upon death, the property will transfer to the other co-owner spouse, protecting them from children, ex-spouses, or other family members who feel they are entitled to the property. Your Florida estate planning attorney can discuss this with you in further detail.

Both Spouses Must Enter Ownership At The Same Time

It is important to note that both parties must be married to one another and have acquired the property at the same time and the interest must have originated in the same instrument.  For example, if the asset is real property both spouses must be listed as owners on the deed and hold title as a married couple.

In Florida, Tenancy By Entireties Can Apply To Most Types of Property

Fortunately for us here in Florida, it’s not just real property that benefits from the protection of tenancy by entireties.  Most types of property – including tangible and intangible personal property – can be owned as tenants by entirety if the married couple meets the requirements and if the financial institutions that hold the assets allow tenancy by the entirety as a form of ownership.

Our next article will cover another type of property ownership – Tenants in Common.

The Pittman Law Office is comprised of estate planning attorneys, probate lawyers and qualified, friendly legal staff who are prepared to help you navigate through the estate planning process.  If you plan to purchase property, get married, or make a change to your will/trust, we advise you to schedule a complimentary consultation with a Florida estate planning attorney to discuss the best way to proceed.  Our estate planning attorneys are well versed in Florida law and can present you with all of your options.  Whether you need qualified probate lawyers or a knowledgeable estate planning lawyer in The Villages area, we can help. Give your friends at the Pittman Law Office a call today!