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Probate and exempt property

On Behalf of | Feb 17, 2022 | Probate | 0 comments

If your loved one recently passed away, you could have several questions and concerns related to the probate process. It is crucial to familiarize yourself with key terms, such as exempt property. During probate, courts oversee the distribution of the assets that belonged to a deceased individual, and creditors sometimes make claims against an estate.

In some instances, a decedent’s family members can receive exempt property prior to creditors’ claims.

Reviewing examples of exempt property

The Florida Senate covers exempt property, which includes furnishings, appliances and furniture that belonged to a decedent with a net value of less than $20,000 at the time of their death. Qualified tuition programs also count as exempt property. In fact, the exempt property also includes two motor vehicles in the decedent’s name, so long as each vehicle does not exceed 15,000 pounds and the decedent or his or her immediate family member used them as personal vehicles.

Exempt property, a surviving spouse and children

According to the Florida Senate, exempt property belonging to a decedent who was a resident of Florida goes to his or her surviving spouse, if applicable. In the event that a decedent does not have a surviving husband or wife, their children can receive exempt property from their estate.

If your spouse recently passed away, or if you are the child of a decedent who did not leave behind a husband or wife, it is vital to find answers to any questions you have regarding exempt property and other aspects of probate if their estate will go through the probate process.