This is the latest article in a series on how to take title to Florida real estate. The subject of today’s article is: Taking title as a tenancy by the entireties, which can only be taken by two married people, including same sex married people. Read on to learn what our real estate lawyers in Fort Myers have to say about this.
- Easy. No documents to prepare. This is the “default” ownership method when husband and wife jointly own real estate.
- The surviving spouse automatically receives the share of the first spouse to die, free of estate taxes. In other words, “surviving spouse takes all”, regardless of what the will of the first spouse to die says. Thus, avoids probate for the estate of the first spouse to die.
- Both spouses have the right of possession of the entire property.
- Good asset protection—a judgment lien against one spouse only does not attach to property owned by both spouses. (However, a judgment lien against both spouses does attach, unless the property is homesteaded).
- No asset protection from a creditor with a judgment lien against both spouses—creditors can seize the property unless it is homesteaded.
- Property passes through probate at the death of the last spouse to die, which can lead to delays and costs.
- Both spouses must take title by the same deed. This can be inconvenient.
- All ownership shares must be exactly equal.
Let Our Fort Myers Real Estate Lawyers Help You
If you are looking for legal opinions or any kind of assistance regarding commercial or residential property matters, we have qualified board certified attorney to help you. Call us at 239-931-6767 for more information.