QUESTION
Is it up to the personal representative of a will to decide whether a homestead property is an asset of the estate?
Asked on Feb 15th, 2012 on Estate Planning - Florida
More details to this question:
Is it up to the personal representative of a will to decide whether a homestead property is an asset of the estate so that they can collect a fee based on the value of the property?
3 ANSWERS
Probate & Trust Attorney serving Coral Springs, FL
at
Richard J. Kaplan, P.A.
Update Your Profile
The Personal Representative, with the assistance of their legal counsel, can make a determination if the property is homestead. If it is felt it is, then a court order declaring it homestead is necessary. If not sure, then you file a petition with the court on your best determination and let the court decide. If not, then no court order is needed. However, if the beneficiary tries to sell the property and a title agent later determines that it could be or is, then you will have to go back to court to get an order.
Answered on Feb 15th, 2012 at 1:14 PM
Immigration Law Attorney serving Hialeah, FL
at
Hernandez & Suarez, PL
Update Your Profile
No, homestead property is determined and protected by the Florida constitution. Homestead property is not an asset of the estate.
Answered on Feb 15th, 2012 at 1:12 PM
Banking Attorney serving Miami, FL
at
The Barrister Firm, P.A.
Update Your Profile
It is an asset and it is part of the value when counting the fee for the PR and the attorney.
Answered on Feb 15th, 2012 at 12:57 PM