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Thursday, September 08, 2005

Florida Homestead Law Quiz

Question: Decedent’s Florida Last Will provides for $150,000 specific bequest to A, and residuary beneficiary is B. Assets of estate include $50,000 cash, and $500,000 homestead. Decedent is not survived by spouse or a minor child. Should the homestead be sold to help satisfy the cash devise?

Answer: No! The Florida Supreme Court provides that the homestead in this situation is not an estate asset available to satisfy specific bequests. Instead, it passes with the residuary. If the Will had directed sale of the homestead to satisfy bequests, that would be a different story, however.

McKean v. Warburton, 30 Fla. L. Weekly S61 (Fla. September 8, 2005)

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