Legal Question in Wills and Trusts in Florida
Is there a type of will, or way to will something to someone, that is ironclad from the time of issue until the testator dies?
Such as in the following situation:
(Party A) and (Party B) want to make a deal. (Party A) agrees to give (Party B) a defined amount of money. In exchange (Party B) agrees to will their house to (Party A). Essentially like a reverse mortgage, but since (Party A) isn't a licensed broker, it can't actually be one. Even so, possibly this deal could be made through a more conventional business contract, but that would mean losing the tax shelter of inheriting the property if it is received through a financial deal instead. That would have to be accounted for by (Party A), resulting in substantially less money for (Party B), and of course more money for corrupt bureaucrats, which I think we can all live without. A trust is another option, which would probably work quite well, except for the fact that (Party B) would have to give up ownership of the property to the trustee, which they might not be comfortable with. So ideally, both parties want the property to be willed. Except that leaves (Party A) open to the possibility of not receiving the property upon (Party B)'s death if something happens to invalidate the will before then. Like:
- (Party B) gets divorced
- (Party B) revokes/changes/destroys/makes new will
- The will is rendered invalid due to lack of capacity, undue influence, etc
- The will is contested
- Dozens of more things that can go wrong with a will, that I am clueless about.
Which brings us to the original question. Is there a way to will something that is more or less ironclad? Or at least has some sort of stipulation that requires consent from (Party A) to be removed as the beneficiary of that property in (Party B)'s will. Or some other measure that can be taken to insure that the property transfers as both parties intended at the time of the deal, and the creation of the will.
1 Answer from Attorneys
This sounds like you just need to create a life estate deed. But you should talk to a real estate attorney and CPA to find the most favorable solution.
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