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Inheritance Law in Florida

Overall, laws dictating how a decedent’s estate will be dispersed among those who are left behind can get complicated, especially if there is no will in place.

In Florida, the laws are designed to protect and provide for those who are left behind. Many laws even make it easier to access inherited property.

What Is the Florida Homestead Law?

The Florida Homestead law protects homeowners from losing their home, should a creditor gain a judgment. This means that if you are found to owe a creditor money, they may put a garnishment on assets, including your bank account and wages, but they cannot force the sale of your home in order to satisfy the debt.

Should a loved one who owns a home protected under the Florida Homestead Law pass away and leave you that home, their estate will not be held up in probate court.

Probate court only impacts assets that could be potentially seized by creditors when debt is owed by the estate. However, because the home is protected by the Florida Homestead law, it would not be included among those assets, and therefore would not be subject to probate.

What Is Florida Inheritance Law Without a Will?

In Florida, there are laws to protect spouses and children if a person dies without a will. For example, a surviving spouse should inherit the entire estate unless they signed a prenuptial agreement or have a contract that limited their eligibility for the inheritance.

Even if there is a prenuptial or other agreement in place that may be limiting a spouse’s inheritance, there may be laws to protect them or ways to address the issue legally. However, there are a number of strict deadlines in place regarding estates and inheritance.

It is recommended that surviving family members immediately seek legal advice after a loved one passes. If they require legal assistance or would like to make changes, prompt legal advice is important, so they do not inadvertently miss deadlines.

It is important to note that if inheritance details are contested by those who are left behind, Florida state has laws in place to protect spouses and children of decedents and provide for them, even if the decedent acted in such a way as to block them from an inheritance. The goal is to make sure that everyone left behind is cared for and protected. To that end, minimum laws in Florida may be of assistance.

What Is Florida’s Inheritance Tax Law?

There is no inheritance tax law in Florida. A beneficiary of any estate or recipient of inherited property is not required to pay any tax for that inheritance in the state of Florida.

Additionally, no income tax is due on any inherited property or income. However, federal inheritance taxes and/or income tax may be due on any inherited property and income.

If you need assistance managing the estate of a loved one who has passed away with or without a will, contact Florida Healthcare Law Firm for assistance.