Estate Planning: When a Will Directs Homestead Property Sold, Credit Protection is at Stake
Feb. 11, 2009
The decedent, Frank Shefner, left his house to his one son in his Will which stated “if and when the house is sold by my son, he will divide the proceeds equally among my children. My son is not to be forced to sell the house against his will.”
On appeal, the Third DCA affirmed the lower court’s ruling that proceeds from the sale of homestead were not available to pay creditor’s claims or to pay estate administration expenses.
The Catch…What you need to know is that a Will’s express direction to sell homestead property compromises the property’s status as protected homestead property.
Estate of Shefner v. Shefner-Holden, 2 So. 3d 1076 (Fla.App. 3 Dist. 2009)
The decedent, Frank Shefner, left his house to his one son in his Will which stated “if and when the house is sold by my son, he will divide the proceeds equally among my children. My son is not to be forced to sell the house against his will.”
On appeal, the Third DCA affirmed the lower court’s ruling that proceeds from the sale of homestead were not available to pay creditor’s claims or to pay estate administration expenses.
The Catch…What you need to know is that a Will’s express direction to sell homestead property compromises the property’s status as protected homestead property.
Estate of Shefner v. Shefner-Holden, 2 So. 3d 1076 (Fla.App. 3 Dist. 2009)