ABOUT ANTIQUES & UNIQUES
Currents March 2017 15
By: Martin Zevin, P. A.
Florida Trust also Works for Out of State Property
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Many of my snowbird clients own a home in Florida and another state. Some of them have their homestead in Florida; others declare their legal residence in another state.
In either case, a Florida Revocable Living Trust is very useful to avoid probate in both states. If you are a Florida resident, you can own your homestead property via a Revocable Living Trust without losing your homestead exemption. In addition, you are eliminating the need for probate when you pass away. You can also transfer real estate owned in any other state to your Florida Trust. Generally, a Florida lawyer will prepare the Revocable Living Trust and Quit Claim Deed to transfer the Florida property into the Trust. If you are a Florida resident, the lawyer will also prepare a new Florida Last Will and Testament called a Pourover Will. This provides for the transfer to your Trust upon your death of any other assets not in the Trust or which do not have beneficiaries already designated. It is a security blanket to cover any assets payable to your Estate. For example, if you were to be killed in a car accident due to the negligence of another driver, your Personal Representative would be able to settle your Estate’ s claim and“ pourover” the proceeds into your Trust.
If you are not a Florida resident, you can still create a Florida Revocable Living Trust and execute a Quit Claim Deed to put your Florida property into the Trust. Your Last Will and Testament will be done
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