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In Florida, what assets of an estate are considered exempt property?

| Jan 26, 2015 | Probate |

Section 732.402 Fla. Stat. sets forth provisions for determining what assets comprise exempt property under the estate of a deceased person.

If a decedent was domiciled in Florida at the time of death, the surviving spouse, or, if there is no surviving spouse, the children of the decedent have the right to a share of the estate of the decedent. This share is known as “exempt property.”

Exempt property consists of:

(a) Household furniture, furnishings, and appliances in the decedent’s usual place of abode up to a net value of $20,000 as of the date of death.

(b) Two motor vehicles which do not, individually as to either such motor vehicle, have a gross vehicle weight in excess of 15,000 pounds, held in the decedent’s name and regularly used by the decedent or members of the decedent’s immediate family as their personal motor vehicles.

(c) All qualified tuition programs including, but not limited to, the Florida Prepaid College Trust Fund.

A qualified person must assert a claim to exempt property in a timely fashion–otherwise they lose their rights. If you are the spouse or child of a deceased person, you should consult a knowledgeable probate attorney to discuss steps to protect your rights to exempt property.

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