In Florida, homestead property is subject to special rules regarding distribution at death. If a person who owns homestead property dies, their surviving spouse may be entitled to a life estate in the property, depending on the circumstances.
Under Florida law, if a person who owns homestead property dies and is survived by a spouse, the surviving spouse is entitled to a life estate in the homestead property. This means that the surviving spouse has the right to live in and use the property for the rest of their life, but does not own the property outright. Instead, ownership of the property is held by the deceased spouse’s estate or other beneficiaries, subject to the surviving spouse’s life estate.
It’s important to note that this rule only applies to homestead property. Homestead property is defined as property that is owned by a Florida resident and used as their primary residence. There are also other rules and limitations that may apply depending on the specific circumstances of the case, such as the existence of a valid will, whether the property was owned jointly or separately, and other factors. The surviving spouse can also elect to take title as tenants in common (i.e., half and half) with the deceased spouse’s children. For more information about this election, check out our other blog post: Elective Share… What do I get??
Life Estate Holder:
In Florida, a life estate holder has certain rights and responsibilities related to the property in question. A life estate is a type of property ownership in which a person, called the “life tenant,” has the right to use and enjoy the property during their lifetime, while another person, called the “remainderman,” has the right to the property after the life tenant’s death.
Here are some of the key rights and responsibilities of a life estate holder in Florida:
Rights:
1. The right to use and enjoy the property during their lifetime, as long as they do not damage or destroy it.
2. The right to receive any income or profits from the property during their lifetime.
3. The right to sell or transfer their interest in the property to another person, subject to any restrictions in the life estate agreement.
4. The right to make improvements or alterations to the property, as long as they do not diminish its value.
Responsibilities:
1. The responsibility to maintain the property and keep it in good condition during their lifetime.
2. The responsibility to pay for any necessary repairs or maintenance on the property.
3. The responsibility to pay property taxes, insurance, and other expenses associated with the property.
4. The responsibility to not waste or destroy the property, and to avoid any activities that would significantly diminish its value.
5. The responsibility to allow the remainderman to take possession of the property after the life tenant’s death, in accordance with the terms of the life estate agreement.
Remainderman:
In Florida, a remainderman is a person who has a future interest in a property that is held in a life estate. A remainderman’s interest in the property comes into effect upon the death of the life tenant. Here are some of the key rights and responsibilities of a remainderman in Florida:
Rights:
- The right to take possession of the property upon the death of the life tenant, in accordance with the terms of the life estate agreement.
- The right to sell or transfer their interest in the property to another person, subject to any restrictions in the life estate agreement.
- The right to receive any income or profits from the property after the life tenant’s death.
- The right to prevent the life tenant from making improvements or alterations to the property that would diminish its value.
Responsibilities:
- The responsibility to maintain the property and keep it in good condition after the death of the life tenant.
- The responsibility to pay for any necessary repairs or maintenance on the property after the death of the life tenant.
- The responsibility to pay property taxes, insurance, and other expenses associated with the property after the death of the life tenant.
- The responsibility to not waste or destroy the property, and to avoid any activities that would significantly diminish its value.
It’s important to note that the rights and responsibilities of a life estate holder in Florida may vary depending on the specific terms of the life estate agreement, as well as any applicable state or local laws. For more information as to Florida, please see Florida Statute 738.801.
If you have questions about the distribution of homestead property leading to a life estate in a spouse in Florida (or what your specific rights and responsibilities as a remainderman are), it’s best to consult with a knowledgeable attorney who can advise you on the specific laws and regulations that apply to your situation. Feel free to reach out! (305) 477-1111
