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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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