Tag Archive for: Pinellas Estate Planning

Why You Should Not Add Someone To Your Deed

Adding a name to a deed is a significant legal action that transfers ownership or a portion of property ownership to another individual. Often, individuals opt to bypass legal counsel and handle the deed themselves. It may seem straightforward—pick up a form from an office supply store, fill it out, and record it. What could possibly go wrong? Quite a bit, actually.

One unintended consequence is when  new spouses, relatives, non-relatives, such as boyfriends, girlfriends, or friends, are added to the deed, and the relationship sours, removing that individual from the deed becomes challenging. After all, you gifted a part of your real property to this person for free.  This leaves you with  few options: convince the unwanted party to voluntarily deed back their share (a daunting task if the relationship is contentious and they may want  you to pay them half of the equity) or engage in costly and lengthy litigation, often resulting in a partition action where attorneys’ fees take precedence and the property is sold and they receive half of the sales proceeds.

Additionally, adding someone to a deed can lead to losing Florida homestead exemption under certain circumstances (such as if the are already on a homestead for example), resulting in the loss of significant tax benefits. Incorrectly worded deeds may also result in property transferring to the wrong individual, derailing estate planning goals. Also, failure to execute the deed correctly according to Florida law renders it invalid and causes title chain problems.

Furthermore, adding a name to the deed complicates property sales or refinancing, as all parties must agree and sign documents. Individuals receiving government benefits like Medicaid and Social Security may jeopardize their eligibility by being added to a deed. Moreover, adding a name to a mortgaged property may trigger the due-on-sale clause, leading the bank to demand immediate repayment of the loan and potentially initiate foreclosure proceedings. If the other person doesn’t live in the property and they file bankruptcy the trustee could also force you  to buy out their interest or force sale of the property.

Consulting an experienced attorney before making changes to a deed is advisable to avoid costly legal entanglements.

COVID-19 Office Social Distancing Changes

Our firm remains intact by both office and remote technology and is ready and able to assist anyone needing our services by phone and Zoom or Google Duo video call.   We are also executing, witnessing, and notarizing documents in the office, and receiving our paying clients in the office.  Masks are required, and will be provided to you if you do not have one.  We also provide gloves, hand sanitizer and disinfect the conference room between each client with Clorox wipes.  All safety procedures such as gloves, masks, hand sanitizer and Clorox bleach disinfect sanitizing are being taken for your safety.

We can receive documents through email, fax or in-person drop off upon arrangement with Carol or you may drop them off at the office with the receptionist.     

Payments can be made over various electronic methods, through the mail or in-person by arrangement. Call (727) 410-2705.

 

Carol A. Lawson, Esq., 28870 U.S. Hwy 19 #300, Hodusa Towers, Clearwater, FL 33761

Phone: (727) 410-2705;   email: [email protected]

 Clearwater Bankruptcy Attorney, Clearwater Bankruptcy Lawyer, #Clearwater Bankruptcy, Clearwater Estate Planning Attorney,  Pinellas Estate Planning Attorney, Pinellas Probate Attorney #FileLocallyDontOverpay #ClearwaterBankruptcy #ClearwaterBankruptcyAttorney #ClearwaterEstatePlanning #ClearwaterProbate

 

Why You Should Not Use Legal Zoom Or DYI Programs

Estate planning is not one size fits all, if you use these programs you may not end up with the results you desire since your individual family circumstances may differ from the ones laid out in the form document.   A one size Will or Trust definitely does NOT fit all.

That’s where we come in. Our office can help you see the blind spots in your plan and,  unlike the DYI forms, we can help you formulate a custom, effective transition plan to ensure your desired wishes are carried out in the future.

You need to build flexibility into your estate plan and review your plan at least every five years,  sooner as future circumstances and family and financial situations evolve over time.

We also recognize that all of the pre-planning in the world won’t do you any good if you are unable to legally sign your documents in the presence of the required witnesses and notary (digital execution of estate planning documents won’t become legal in Florida until at least this summer).

We are still offering live signings appointments at our office taking extra safety precautions to keep our clients and staff safe.  You will need to wear gloves and a mask for your appointment.  Also to make sure you do not have a temperature or any flu or pneumonia symptoms the day of your signing.

 

Carol A. Lawson, Esq., 28870 U.S. Hwy 19 #300, Hodusa Towers, Clearwater, FL 33761

Phone: (727) 410-2705;   email: [email protected]

 Clearwater Bankruptcy Attorney, Clearwater Bankruptcy Lawyer, Clearwater Bankruptcy, Clearwater Estate Planning Attorney,  Pinellas Estate Planning Attorney, Pinellas Probate Attorney #FileLocallyDontOverpay #ClearwaterBankruptcy #ClearwaterBankruptcyAttorney #ClearwaterEstatePlanning #ClearwaterProbate