Legal Question in Wills and Trusts in Florida
My companion and myself are buying a house in Florida? The house will have homestead status. What is the best way to get survivor ownership on the title. We are not married.
Joint tendency has some advantages but there are some draw backs to it. Living trust can take away our homestead status according to what I read. We don't want to go through probate. We just want the other one to get the house if one dies. We have a closing on the house in 25 days.
3 Answers from Attorneys
Simplest way is "joint tenants with right of survivorship". This will avoid probate.
Joint Tenants with the right of survivorship will work. Also, you can put it in a living trust and maintain your homestead status, if it is done correctly with a qualified attorney.
As stated by Atty. Kaplan "you can put it in a living trust and maintain your homestead status, if it is done correctly with an attorney" by adding homestead language in the trust and deed. Another riskier way and subject to legal challenge is to execute QCDs to each other & hold in a safe place. Deed has to be delivered before the gifting party dies.
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