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  1. #1
    Join Date
    Jan 2008

    Default Simple Will Question For Florida

    My uncle (85 yrs old), a Floridian resident, and his wife own a condo in Florida free and clear of any mortgage. He has 3 daughters with his first wife; no children with his second wife of 20 years. Upon his passing, he wishes to leave the condo to his three children, but desires his wife to live in the condo (she's 80 years old) until her death. In other words, he wishes for hi wife to enjoy a life estate, and upon her death, to sell the condo and distribute the proceeds to his 3 daughters. Everyone is fine with the concept.

    However, since the deed is in both of their names, she would enjoy a life estate anyway. The problem seems to be that she does not have a will and my uncle's daughters know nothing of any of her relatives or her intentions. Am I correct in taking the position that upon her death that my uncle's daughters will not receive any benefits from the condo, and that the proceeds will go to my uncle's wife's relatives? Would it be best if the two of them signed a will together leaving their assets to the three daughters? By the way, the condo is worth about $400 and my uncle's other assets are only worth about $200,000 . . . mostly stocks.

  2. #2
    Join Date
    Dec 2007

    Default Re: Simple Will Question For Florida

    What would be best is if he got the deed out of their name now as you can protect it from probate. In the event of his death, everything becomes hers and will go thru probate. You need to seek an estate attorney who can set everything up for your uncle and his wife so the inheritence can be divided up as they wish. Try and keep things out of probate if possible. Good luck

  3. #3

    Default Re: Simple Will Question For Florida

    What she is suggesting is a living trust with one of the daughters as trustee. Florida has some unusual estate and homestead laws and the trust laws have just been changed also, I think. The other problem will be if one or both exhaust the 200,000 by going into a nursing home (this will probalby only cover 4 years for one of them) and require Medicaid.

    They both need a complete estate plan with living wills, POA's etc. Someone needs to get them to an elder care attorney while they are still competent. You can find one on the NAELA website. The three daughters will regret it if they don't.

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