Page 3 - Martin Downs Bulletin - June '20

Martin Downs, Page 3
Out Of State Will Needs
Review
By Carrie Lavargna
After moving to Florida
from another state and having
established homestead
residency in Florida, is your
will made in your former
state valid?
Technically, yes. As long
as your will was validly
executed in your former
state, it will be recognized
under Florida law. However,
because Florida’s inheritance
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laws are unique in several important ways, the bigger issue is Ownership of bank accounts also causes some confusion.
If you add another person to your account as a co-owner, upon
whether your assets will be transferred as specified in the will.
You should have your estate documents evaluated by a Florida your death all the money in that account is owned 100 percent
lawyer to review the existing documents and your present life by that co-owner. If your will states this money should be
situation. The review should include an analysis of how your divided up among different people, the will provision is
assets will be transferred under your will pursuant to Florida law. ineffective because that bank automatically transferred the
The most significant state law affecting most estates is money to the co-owner upon your death.
homestead, being your principal residence. Florida may not If you want a trusted family member or friend to have
recognize the terms of your will or trust as it relates to the access to your account to assist in bill paying, the better
transfer of your homestead. Even if the home is owned solely choice may be to add that person to the account as an
in the deceased’s name, Florida law grants the surviving additional signer only, and then name the beneficiaries of
spouse, minor children and heirs (lineal descendants) special the account directly with the financial institution (sometime
rights in the home. called “paid on death designations”).
The law is tricky and each year there are several court More problems can arise with adding trusted family
cases determining who is the rightful owner of homesteaded members as co-owners on your bank or securities accounts
property. To avoid such a costly and time-consuming legal because doing so make these accounts subject to their
battle, discuss this issue with a Florida attorney. creditors. If a creditor obtained a money judgment against
your trusted family friend, that creditor has the right to seize
the account. Also a joint account could become embroiled
in a divorce or child custody dispute which could put the
account in jeopardy. In today’s crazy times, even financially
sound people are running into difficulties. It’s a good idea to
discuss this matter with all co-owners of your accounts.
So, to answer the question: Yes, the out of state will is
valid, but without a thorough analysis of Florida law, your
wishes may not be carried out properly.
Carrie Lavargna is an attorney practicing law in Stuart
at Lavargna Law, PLLC, and is board certified in real estate
by the Florida Bar and recognized as an accredited estate
planner by the National Association of Estate Planning
Councils. This is an overview of the subject matter and not
intended as legal advice.
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