What to include in my will/trust?

[delmara441]

What is the name of your state? Florida
Living in a small rental home in Florida, I am 75 years. I have a son and daughter. I have two small pieces of land in Florida. First one is jointly on my and my son’s name, as joint tenants with right of survivorship, and it’s worth around 10 thousand dollars. Second one is on exclusively my name and it’s worth around 8 thousand dollars. Upon my death I want the first to my son, and the second one to my daughter. If I write a will on the second one alone, on my daughter’s name, will it be sufficient, or do I need to mention anything about the first one in my will. I have no other properties except few hundred dollars cash. I heard about trusts and have no knowledge. If a trust is better than a will in my case (can I and my son mention about the first land also in the trust)?

 

[zddoodah]

If I write a will on the second one alone, on my daughter’s name, will it be sufficient

If it's done correctly, yes.

or do I need to mention anything about the first one in my will.

You can, but there is no need to, mention the first one since it will not be part of your probate estate because of how title is held.

I heard about trusts and have no knowledge. If a trust is better than a will in my case (can I and my son mention about the first land also in the trust)?

Given the limited value of your assets, a trust probably is not needed, but you can consult with a local estate planning attorney for advice about that.

 

[LdiJ]

What is the name of your state? Florida
Living in a small rental home in Florida, I am 75 years. I have a son and daughter. I have two small pieces of land in Florida. First one is jointly on my and my son’s name, as joint tenants with right of survivorship, and it’s worth around 10 thousand dollars. Second one is on exclusively my name and it’s worth around 8 thousand dollars. Upon my death I want the first to my son, and the second one to my daughter. If I write a will on the second one alone, on my daughter’s name, will it be sufficient, or do I need to mention anything about the first one in my will. I have no other properties except few hundred dollars cash. I heard about trusts and have no knowledge. If a trust is better than a will in my case (can I and my son mention about the first land also in the trust)?

Another option would be to do a TOD (Transfer on Death Deed) for the property you want to go to your daughter. You can ask the estate planning attorney about that.

 

[adjusterjack]

Another option would be to do a TOD (Transfer on Death Deed) for the property you want to go to your daughter. You can ask the estate planning attorney about that.

Unfortunately, Florida doesn't have those. They make it more complicated with a "Lady Bird" deed, some sort of life estate arrangement.

Might be better for delmara441 to change the deed on the second property to own it with their daughter with right of survivorship.

 

[LdiJ]

Unfortunately, Florida doesn't have those. They make it more complicated with a "Lady Bird" deed, some sort of life estate arrangement.

Might be better for delmara441 to change the deed on the second property to own it with their daughter with right of survivorship.

Yes, that would work as well, although it would eliminate any stepped up basis. Depending on what the OP paid for that parcel of land it might or might not be relevant to have a stepped up basis.

 

[delmara441]

Thanks very much for all your answers, helped me greatly!