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My main residence is in Florida. I have income property in Tennessee. Do you need a separate will that covers Tennessee.
Anonymous2 views2 answers
I am working on a simple will for my husband and I. Our Florida property is easy because we have mainly bank accounts that are in trust for the children. We owe as much on our home as it is worth. We have income property that has no mortgage in Tennessee. Worth about $100,000. Someone told us that we need a separate will for the Tennessee property because Tennessee do not recognize a Florida will. We are planning on selling this property in the next few years. Thinking about making out a notorized unrecorded quick claim deed and attaching to the will so they can transfer the property if something happens to us. Would that be a good legal option. We can't afford making out a trust right now so we are trying to figure out a short way in case that something happens to both of us.
If you have a Florida attorney do your will, it should be valid in Tennessee. By the same token, if you have a Tennessee attorney do your will, it should be valid in Florida. There is a procedure called Ancillary Probate that allows each state to recognize the valid court orders of the other.
As an aside, it sounds like you are doing your own will. Many people do, but as a probate attorney I can tell you that we make much more money handling estates where the person who died did their own will than we do when the person who died pays a reasonable fee (our firm charges $350) to prepare will that is done correctly.
The Quit-Claim (not quick-claim) deed is a terrible option. Don't do it. You (or more likely our descendants) will likely run up against expensive tax issues.
Good luck.
