"Do I need a Florida Will ?"

[floridapete]

I question which pops up with great regularity on the vacation homeowners forums is "do I need a Florida will (to protect my real estate investment) ?"

Whilst, in that respect, there have been various answers to the question - both "yes' and "no". Personally, I believe in a "belt and braces" solution so recommend having both UK and US wills each reflecting the existence of the other.

However, I now want to turn it over to all you ex-pats over there. Do you all have a Florida will written and filed away safely ? This would be to protect your successors and heirs in the event that anything befell you, or your spouse. This would, of course, include only your US property, your US business, cars, bank accounts etc. etc. Your US estate in fact.

If you still have any UK estate left behind you (maybe a small house back there or just a bank account) do you also have a UK will written and lodged safely so that those items are safe for your successors and heirs if need be ?

I raise this point because it is all too easy to forget to do these things in a busy life, or to put them off from day to day but never quite get there. They are VERY important as whoever is left behind then has to carry the burden of probate etc. and, if you have not written a will in the appropriate country, relative to the estate in that country, then probate is MUCH more difficult to obtain if, for instance, you were seeking to prove a UK will in the US (or even worse if vice versa).

So let me know, what have you all done - or what do you think ?

[DavidL]

Good subject to post as many will not have considered the consequences especially where there are young children involved and no other family/relatives in the USA. Appointing a legal guardian in the event of the worst is of paramount importance. The rules here of intestacy are very much different to the UK as are the limits and nobody really wants the crown to end up with the loot!!

[JulieC]

Yes I do have a Florida will referring to property in Florida, drawn up by Osceola Paralegal, very good and very cheap. I also have a previously drawn up UK will, though nothing left in the UK any more. If you dont have this sorted out it can be a nightmare, ask Susie who is tussling with all the paperwork at the moment.

[mark]

Hi

The answer is yes you should have two wills. One to cover UK assets and one to cover USA assets and I think cross reference them. Be careful as You cannot have two last wills and testiments

You should also have a durable power of attorney over financial affairs, a durable power of attorney of health care, living will and do not resusitate signed form

Suppose one or are both of you are injured in a car crash and in intensive care and not expected to survive?

It is important if you are domocile in the US to make aure all recordable assets are in joint names. It is not like the UK where the spouse gets all assets tax free.

Mum and dad did have wills but only once told to get their affairs in order. They always mean't to do them but like Peter says somehow these things get put off then forgotten.

Mum was told in no uncertain terms to get anything in my dads name in either her name or joint names before he passed and so traumatic for her

[mark]

Hi

For all people who purchased a business in the USA

If the business was only purchased in say the husbands name then if this person dies the whole company will be an asset that is recorded or registered to an individual

So not only will the visa die with that person the wife and other dependants would not only loose their visa but tax would have to be paid on this asset

Or this is at least they way I understand it, does anyone know for sure?

My guess is if anyone is on an L visa and this person dies then the dependants visas will also die. The same rules would apply, if the L visa holder is domocile in the US and has any assets which are recorded or registered to them, them tax will be due on these assets. Again just from what I understand, so, does anyone know for sure?

[JulieC]

I think that is right, pretty dire situation, isnt it??

[Sharon]

OMG


Our business is my husbands name and we only have a uk will


What if the business is owned 50-50 ? will this help ?

[mark]

All I can say is the US attorney told my mum


All that is recorded and registered soley in my dads name she must get in joint names before he passes


So, If a person owns stocks or shares , I think this would count as #solely in their name#

[floridapete]

OMG


Our business is my husbands name and we only have a uk will


What if the business is owned 50-50 ? will this help ?


Time to find a US attorney and to also find a very good CPA (not just a book-keeper) who can advise you on corporate tax matters, inheritance taxes (they say that there are no inheritance/estate taxes in the state of Florida - but that is just for US Citizens - everyones else pays big-time).

Don't leave it too long !

And here's anther thing to focus youre minds. How many of you have life insurance cover in the US ? Again - 'just in case' ?

[JulieC]

Sharon, you need a US will, look up Osceola paralegal in the phone book, they are in old town Kissimmee through the gates, it is a few years ago since we did ours but they only charged us $130.

And the answer is No we dont. FP.

[Sharon]

Time to find a US attorney and to also find a very good CPA (not just a book-keeper) who can advise you on corporate tax matters, inheritance taxes (they say that there are no inheritance/estate taxes in the state of Florida - but that is just for US Citizens - everyones else pays big-time).

Don't leave it too long !

And here's anther thing to focus youre minds. How many of you have life insurance cover in the US ? Again - 'just in case' ?

Hello Peter

We do not have life cover either, what a worry and a mess

When business brokers tries to sell you a business, do they have a duty of care to advise you? Or are we supposed to know or investigate American Law ourselves or know who to ask?

We spent many months trying to find the right business and thought we were being very careful. We even paid for due dilligence but not one person has advised that our visa's could be cancelled if my husband died or that I would have to pay tax on this recordable asset. I wonder how many people are living in the USA on E or L visa's that face being sent home if the main visa holder dies

So the warning to anyone who is looking to purchase a business is research anything and everthing and take off those rose tinted glasses

We did know that when we bought the business that an E visa is highly unlikely that it could lead to a lawful perminant resident or returement but hoped the law would be changed one day

[mark]

Hi

Just to let you know that if you own a property in a different state of the USA then you have to have a will for each state that you own property.