The Benefits Of A Survivorship Deed
A survivorship deed offers many benefits. By going over some of those benefits, and speaking with a lawyer, you can determine whether or not a survivorship deed is right for you.
What Is A Survivorship Deed?
A survivorship deed is a deed that lets two people own property together.
Just as an example, if a husband and wife own a home together, then they can develop a survivorship deed. And, if the husband or wife passes away, then the home will automatically go to the surviving spouse.
The most notable benefit that a survivorship deed offers is as follows: any assets connected to a survivorship deed go to the other person on the deed, without having to go through probate.
Outside of what has been clarified above, a survivorship deed, while perfect for couples, is a good choice for siblings, family members, and business partners, among many other types of relationships.
Can You Set Up A Survivorship Deed In Florida?
The answer to the question outlined above is “Yes.”
To set up a survivorship deed, there are certain requirements that must be satisfied. And, with that in mind, the most notable of these requirements are as follows:
- The two people connected to a survivorship deed must have joint ownership of the property.
- The survivorship deed must contain a precise, and accurate, legal description of the property.
- The two people connected to a survivorship deed must have signed it in front of a notary.
- The survivorship deed must be recorded at the county clerk’s office, in the county the property belongs to.
If the requirements outlined above are satisfied, then two people will have a survivorship deed in Florida. And, by having a survivorship deed, if someone on the deed dies, the property will immediately go to the surviving owner.
Is Setting Up A Survivorship Deed A Good Idea?
A survivorship deed offers many benefits.
Just as we clarified earlier, one of the most notable of these benefits is bypassing probate and allowing you to gain immediate ownership of an asset that you share with someone else.
Outside of that major benefit, though, there is one other to be aware of: a survivorship deed protects the shared asset from creditors that the deceased still owed, at the time of their passing.
Given the facts outlined above, setting up a survivorship deed may be a good idea if:
- You have a piece of property that you share with another person.
- You would like to become the owner of that property right after they pass away.
- You want to bypass the probate process, so that you can get the property much faster than usual.
- You would like to protect that property from creditors.
If the above describes your situation, then a survivorship deed may be a good idea. But, if it doesn’t, then it is worth looking into another estate planning arrangement.
Speak With A Florida Estate Planning Lawyer Today
A survivorship deed may be a good choice for you. Speak with a Florida estate planning lawyer at the Millhorn Elder Law Planning Group today and we will help you develop the survivorship deed you would like.
Sources:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0600-0699/0689/Sections/0689.15.html
law.cornell.edu/wex/joint_tenancy
