Understanding Homestead Protection In Florida
When it comes to estate planning, homestead protection is a fundamental concept in Florida. It is even included in the Florida Constitution. When looking at asset protection as you create your estate plan or administer a loved one’s estate, utilizing this homestead protection should be one of your key areas of focus. It’s essential to understand what rights you have and how they can benefit you in this scenario.
At The Castro Law Firm, PLLC, attorney Taren L. Castro got her start working as a Florida state trooper for over a decade. Before becoming a lawyer, she also worked in the Florida Attorney General’s office. Her vast experience helps her understand the complexities of the law and demonstrate to her clients how these protections can benefit them. She offers completely free consultations and is dedicated to client satisfaction. She is fluent in Spanish and ready to meet with clients who need assistance with estate planning and asset protection or with probating an estate.
Homestead Exempt Property: Keeping Your Home In The Family
In Florida, homestead protection plays a crucial role during probate, offering significant benefits to homeowners and their heirs. The homestead exemption shields the deceased’s primary residence from most creditors’ claims, providing security for the surviving spouse and minor children.
To qualify as a homestead, the property must be the decedent’s primary residence and meet specific size requirements: up to half an acre within a municipality or 160 acres in unincorporated areas. This protection generally excludes the protected homestead from the probate estate, preventing it from being used to pay off most debts. However, the estate still has obligations like property taxes and mortgages to settled.
Florida law also imposes restrictions on what happens to a homestead. If a spouse or minor children survive the decedent, the property typically cannot be sold or transferred in a way that displaces them. The surviving spouse may receive a life estate, allowing them to live in the home for the rest of their life or a share of the property as tenants in common with other heirs.
Understanding these legal obligations, protections and restrictions is essential for effectively navigating the probate process and ensuring the decedent’s wishes are honored while safeguarding the family’s home. Those with questions about probate, homestead-exempt property and related matters can speak with an experienced estate law attorney.
Schedule A Consultation Today
Your home in West Palm Beach is important to you and to the next generation. You have protections under Florida law, but you must know how to use them. Call 561-408-0369 or use the online contact form to schedule a consultation today.