Leaving property in Florida but--

[Cindi W]

We are currently residents of Pennsylvania, but own a condo in Florida. We want to bequeath it to a friend who lives in Florida. How does this work? Also, as I understand it, Florida has no inheritance tax. How long does it take to become a permanent resident of Florida, because we are planning to move there.

 

[adjusterjack]

We are currently residents of Pennsylvania, but own a condo in Florida. We want to bequeath it to a friend who lives in Florida. How does this work?

You make a will or you put the property in a trust with your friend as beneficiary. You should see a lawyer for that.

How long does it take to become a permanent resident of Florida, because we are planning to move there.

You're a permanent resident the minute you say you are by filing a sworn statement with your new county of residence. See FL statute 222.17:

http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0200-0299/0222/Sections/0222.17.html
When you move, you give up your PA home, right? You find a place to live in FL. You set up your utility accounts, cable TV, etc. You change your address with all your contacts. You register your car within 10 days. You get a driver license within 30 days. Voila - you're a resident.

Anything else, you'll figure out along the way.

 

[Cindi W]

Yes, thanks. I'm seeing a lawyer soon. I have a place to live in Florida, that's the condo, but we are wanting to leave it to our very good friend. We have no children. The lawyer is fastidious, so I expect no mistakes will be made. But she is not feeling well right now, so it's taking time for me to see her.

 

[justalayman]

Florida also appears to have a ladybird deed or enhanced life estate deed as well as the other possibilities jack provided. Ask your lawyer which best serves your needs and interests.

 

[adjusterjack]

Yes, thanks. I'm seeing a lawyer soon. I have a place to live in Florida, that's the condo, but we are wanting to leave it to our very good friend. We have no children. The lawyer is fastidious, so I expect no mistakes will be made. But she is not feeling well right now, so it's taking time for me to see her.

If the condo is owned jointly with right of survivorship one of you will get it when the other one dies. The chances of you both dying at the same time are slim. Common accidents are rare but they do happen. If you want to hedge your bets, you don't need a lawyer to write up a will leaving the condo to your friend. Make sure it conforms with Florida statutes 732.502 and 732.503:

http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732PartVContentsIndex.html&StatuteYear=2018&Title=->2018->Chapter 732->Part V