Q: If a property is left to me in a will, is it probable that property will be used to pay off the outstanding
My grandmother is unsure if she should create a will or a living trust. Her primary concern is ensuring that I inherit the property which is paid off completely however, another concern we are having is, if the home will be used to pay off any outstanding debt, such as credit cards if so, how can we avoid this?
A: If a property is Homestead Property, creditors such as credit card companies and other lenders will not be able to force the sale of the property, the Homestead Property if handled properly is protected. Any debts not directly attached to the home (like for instance mortgage loan, equity line, work done on the property and the like) will be debts that will be paid by other assets of the estate if there are any, but it is not even guaranteed that those debts will be paid then because they are pretty far down in the probate priority list, a Homestead in the State of Florida is extremely protected and if the only asset is the Homestead, then it is likely that any and all of such credit card debts will simply go unpaid. I would encourage you to speak with and work closely with a Florida Estate Planning Attorney and they will be able to further guide you and answer your questions about a Will/Trust/Avoiding Probate/Homestead and so forth.
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