Legal Question in Wills and Trusts in Florida

Re: Wills - Life Estate

Advantages: Avoids any probate at your death and is more difficult for the other children to contest.

Disadvantages: Requires that child's consent/signature to sell, finance, etc., in the future, unless you use a special life estate deed (usually referred to as an "enhanced life estate").

The child's interest in the property would have to go through probate if he/she predeceased you, unless you use the "enhanced life estate" deed, which would allow you to place someone else on the deed at that death of the child.

May wish to combine with a power of attorney in case of your incapacitation.

In either case, your county property assessor may require you to reapply for the homestead exemption. Property assessor may also use it as an opportunity to bump your assessment up to "fair market value".

Might want to also consider a revocable living trust.

Re: Wills - Life Estate

In addition, the other children will come to resent the life tenant since they will bear the expense of ownership with no control.