How Do I Transfer Property From a Deceased Relative to Surviving Heirs in Florida?
Full Question:
Answer:
When a person dies, their assets are distributed in the probate process. If a person dies without a valid will, an administrator is named to handle the distribution of the estate after a petition to probate the estate is filed with the court in the county where the deceased resided. The court will issue letters testamentary of letters of administration, giving the administrator authority to collect the assets and pay the debts of the decedent. The executor will be responsible for sending notices to creditors, collecting the property of the deceased, filing inventories of the estate, and distributing the estate assets in accordance with the will. The complexity will vary according to the circumstances in each case, such as the assets of the estate and potential claims involved.
In cases where the decedent didn't own property valued at more than a certain amount, which varies by state, the estate may go through a small estate administration process, rather than the formal probate process. The amount is $75,000 in Florida to use summary procedures To dispose of the real property interests of the decedent, the executor or administrator executes an executor's deed or fiduciary deed.
In Florida, where the value of the entire assets of the estate does not exceed the value of which does not exceed the sum of the amount of preferred funeral expenses and reasonable and necessary medical and hospital expenses of the last 60 days of the last illness, a small estate may be administered by a small estate affidavit. After the affidavit has been approved by the court, the affidavit may be used to collect debts owed to the decedent.
The affidavit is filed with the clerk of the court in the county where the deceased resided. It lists certain information required by statutes, such as all of the known assets and liabilities of the estate, the names and addresses of the distributees, and the relevant family history or other facts concerning heirship that show the distributees' rights to receive the money or property of the estate.
If the estate is worth more than the medical and funeral expenses, but not more than $60,000, and in an intestate estate, the heirs at law of the decedent consist solely of a surviving spouse, lineal descendants, and lineal ascendants, it is possible for a summary procedure to be used rather than formal probate.
Joint tenancy is a form of ownership by two or more individuals together. It differs from other types of co-ownership in that the surviving joint tenant immediately becomes the owner of the whole property upon the death of the other joint tenant. State law, which varies by state, controls the creation of a joint tenancy in both real and personal property. Joint tenancy property passes outside of probate, however, it may be severed so that the property becomes part of one person's estate and passes to that person's heirs. A joint tenancy between a husband and wife is sometimes known as a tenancy by the entirety. Tenancy by the entirety has some characteristics different than other joint tenancies, such as the inability of one joint tenant to sever the ownership and differences in tax treatment. In some jurisdictions, to create a tenancy by the entirety the parties must specify in the deed that the property is being conveyed to the couple "as tenants by the entirety," while in others, a conveyance to a married couple is presumed to create a tenancy by the entirety unless the deed specifies otherwise. Each joint tenant has an equal, undivided interest in the whole property. All joint tenants, and their spouses, must sign deeds and contracts to transfer or sell real estate. A joint tenant may convey his or her interest to a third party, depending on applicable state law. This conversion would in effect terminate the joint tenancy and create a tenancy in common.
Tenants in common hold title to real or personal property so that each has an "undivided interest" in the property and all have an equal right to use the property. Tenants in common each own a portion of the property, which may be unequal, but have the right to possess the entire property. There is no "right of survivorship" if one of the tenants in common dies, and each interest may be separately sold, mortgaged or willed to another. A tenancy in common interest is distinguished from a joint tenancy interest, which passes automatically to the survivor. Upon the death of a tenant in common there must be a court supervised administration of the estate of the deceased to transfer the interest in the tenancy in common.