Liberty City Probate Lawyer

Liberty City, Florida is a community in Miami. Here, one of the biggest concentrations of African Americans in South Florida, as of the 2000 census, resides. Previously a part of the sporadically inhabited borders of northern Miami, what turned into Liberty City grew throughout the 1930s Great Depression when President Franklin D. Roosevelt permitted the creation of the Liberty Square housing project in 1933, the very first in the Southern U.S. Constructed as a reply to the worsening housing conditions in compactly inhabited and covenant-limited shantytowns of Overtown, creation on the original housing project started in 1934 and opened three years later.

Avoiding Ancillary Probate in Florida: Ownership in a Business Entity or Trust

How can out-of-state residents or foreigners who possess real estate situated in Florida evade ancillary probate in Florida? Besides joint ownership and enhanced life estate deed, here are two other alternatives:

1. Ownership in a Business Entity. The owner can hand over commercial or rental estate situated in Florida into a business entity like a limited liability company or corporation, which will switch the property from real estate into personal property. The person must see that while this might evade ancillary probate in Florida, it might not avert domiciliary probate in the owner’s home residential state. If the individual is thinking about this alternative, he or she must not attempt to write his or her own deed. The person must check with a Florida lawyer to make sure that the deed is appropriately composed and put on record.

 

2. Ownership in a Trust. The owner can title the Florida real estate in a trust’s name like a revocable living trust. A revocable living trust—sometimes easily called a living trust—is a legal body produced to hold ownership of a person’s assets. The individual who creates the trust is called the grantor or trustmaker, and in many instances, also acts as the executor, regulating and overseeing the assets put there. A few trustmakers choose to have an organization or lawyer serves as executor, even though this is somewhat infrequent with this kind of trust. A revocable living trust contains three stages of the trustmaker’s life:his or her lifetime, probable incapacitation, and what occurs after his or her demise.

If the individual is thinking about this alternative, he or she must not attempt to write his or her own deed. The person needs to check with a Florida lawyer to make sure that the deed is appropriately written and put on record.

What a Person Ought to Do?

Which one of these alternatives with work the best for an individual? This will rely on a lot of factors, as well as the person’s use of the property (secondary home vs. residential rental property vs. commercial property); the individual’s creditor situation and that of his or her proposed heirs; his or her complete estate planning and asset protection objectives; and his or her budget. Therefore, the person will need to meet with his or her local estate planning lawyer in addition to a Florida estate planning lawyer to talk about the advantages and disadvantages of every alternative and then choose which one is the most sensible in his or her situation.