inherited homes

Losing a loved one is an emotionally challenging experience, and dealing with inherited property adds another layer of complexity. This guide aims to navigate you through the process of handling a home inherited in Florida, ensuring you're aware of your rights and responsibilities.

1. Homestead Protection in Florida

• Definition: In Florida, homestead protection is a legal provision that safeguards your inherited home from most creditors' claims. This means, under certain conditions, creditors cannot force the sale of the home to satisfy debts.
• Benefits: This protection is particularly valuable for beneficiaries, as it secures your right to the property against unexpected claims, providing a layer of financial security during a difficult time.
• Limitations: It's important to note that this protection has specific requirements and doesn't apply to all debts - for instance, mortgages and certain types of liens are exceptions.

2. Managing Ongoing Expenses

• Mortgage Payments: If there's an outstanding mortgage on the property, you'll need to keep up with these payments to avoid foreclosure. If you are unable to make payments from the estate assets, then consulting with our experienced team is the best approach. 
• Utility Bills: Keep utilities active, especially if the property will be unoccupied for a while. This prevents issues like mold or plumbing damage and protects the value of the home for beneficiaries.
• Maintenance: Regular maintenance, such as lawn care and pool upkeep, is crucial to preserve the property's value and appeal.

3. Timing for Clearing Out the Home

• After Letters of Administration: The legal process allows you to start managing the property once you receive the letters of administration from the court. This is your green light to begin clearing and organizing the home. Generally, letters of administration are issued by the court within 2-3 weeks following the submission of the initial filings with the Clerk of Court. 
• Organizing Personal Belongings: Approach this task with sensitivity. You might want to distribute personal items among family members or consider estate sale options for other belongings if not directed by the Will on how to address personal property.

4. Deciding to Sell the Home

• When to Sell: The ideal time to sell is after receiving the letters of administration and considering any applicable creditors' claim periods. This ensures that the process is legally compliant. If sold prior to the creditors’ claim period of three months, the court will likely require the proceeds of the sale be held in escrow until creditors' claims are resolved.
• Sale Process: The sale involves appraising the home, listing it on the market, and handling the transaction. Coronado Law Group integrates title work and closing services in their practice to provide a seamless transaction experience. 

5. Keeping and Sharing the Home

• Joint Ownership Challenges: Co-owning a property can lead to disagreements. Open communication and clear agreements are key to managing these challenges.
• Sharing Responsibilities: Draft a written agreement outlining each party's financial responsibilities, including bills and maintenance costs.
• Scheduled Use: If the home is a vacation property, set up a fair usage schedule. This helps avoid conflicts and ensures everyone gets equal enjoyment from the property.
• Partition Actions: In case disagreements cannot be resolved, a partition action is a legal route to divide the property. However, it should be considered a last resort.

6. Conclusion

Inheriting a Florida home comes with its set of challenges and responsibilities. Understanding your rights, managing ongoing expenses, and making informed decisions about the property's future are crucial. For more personalized advice, feel free to contact our expert team.