No, but joint tenancy will avoid a trip to the Department of Vehicles. Florida law provides that two motor vehicles held in decedent's name and regularly used by the decedent or immediate family for personal use are considered "exempt assets"... and not subject to general creditors of decedent (excluding liens).
(1) If a decedent was domiciled in this state at the time of death, the surviving spouse, or, if there is no surviving spouse, the children of the decedent shall have the right to a share of the estate of the decedent as provided in this section, to be designated “exempt property.”
(2) Exempt property shall consist of:
(a) Household furniture, furnishings, and appliances in the decedent's usual place of abode up to a net value of $20,000 as of the date of death.
(b) Two motor vehicles as defined in
s. 316.003(21), which do not, individually as to either such motor vehicle, have a gross vehicle weight in excess of 15,000 pounds, held in the decedent's name and regularly used by the decedent or members of the decedent's immediate family as their personal motor vehicles.
Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic. If possible, as you gain expertise, would you mind updating your blog with more information? It is extremely helpful for me. For more home buying and Selling Tips visit us at Cape Coral Real Estate.
ReplyDelete