ADVERTISEMENT

Talk to a Local Inheritance Law Attorney

Enter Your Zip Code to Connect with a Lawyer Serving Your Area

What is Homestead and Exempt Property and What's a Family Allowance?

What is Homestead and Exempt Property and What's a Family Allowance?

by

Many states don't count certain property when they set out small estates limits. There are three common kinds of property that is excluded in this way. The amounts each states' laws set for each kind of excluded property differs, but the concept is similar.

A "homestead" is the name for legal protections that states offer to a  certain amount of equity in a person's primary residence. This differs from state to state, but the basic idea is that a person's homestead property is protected for their spouse and children and, in some states, safe from creditors.

Exempt property refers to property that is set aside to be safe from creditors.

Family Allowance, like it sounds, is property (cash and belongings) that are set aside to be available to a surviving spouse and minor children so that they have resources to live on before the probate is completed.


You may also be interested in:

Every Californian's Guide to Estate Planning

by Liza Hanks
(1st Edition, January 2018)

Every Californian's Guide to Estate Planning

Every Californian's Guide to Estate Planning helps you understand the basics of leaving money and property to loved ones and charities, naming a guardian for children, and planning for beloved pets—with a special focus on issues unique to making an estate plan in California.

In Paperback and eBook (Adobe Reader)  

Buy & download now @
Nolo (publisher)


The Executor's Guide: Settling A Loved One's Estate or Trust

by Mary Randolph, J.D.
(February 2018, 8th Edition)

The Executor's Guide: Settling A Loved One's Estate or Trust

Settle an estate or trust with this all-in-one guide for executors. The Executor's Guide will help you make progress, one step at a time, through the unfamiliar land of legal procedures and terminology.

“Explains how to find state-specific information, and an appendix sorts legalities by state.”-Miami Herald

“Covers the gamut of estate chores and helps you get through them.”-Kiplinger's Retirement Report

In Paperback and eBook (Adobe Reader)  

Buy & download now @
Nolo (publisher)


8 Ways To Avoid Probate

by Mary Randolph, J.D.
(April 2016, 11th Edition)

8 Ways To Avoid Probate

“…complete details for each state…”-Los Angeles Times

The ninth updated edition of 8 Ways to Avoid Probate provides readers with solid advice on easy methods that can skip the probate process, from naming payable-on-death beneficiaries for financial accounts and owning property jointly to creating living trusts and more. It's been completely updated to include the latest estate laws and gift tax rules, and offers a focus on the transfer-on-death deeds which are now available in more states. From personal property such as autos to home ownership and bank accounts, this covers all kinds of transfers and includes case history examples throughout in a recommendation for any general lending library."-Midwest Book Review

In Paperback and eBook (Adobe Reader)  

Buy & download now @
Nolo (publisher)


Quicken WillMaker Plus 2019

by Nolo
(August 2018, 2019 Edition)

Quicken WillMaker Plus 2019

America’s #1 estate planning software
Quicken WillMaker Plus is the easiest way to create your estate plan, whether you're just getting started or you want to update your previous arrangements. This powerful software guides you through the process from beginning to end, giving you the practical and legal information you need to make the best decisions for you and your family.

In Paperback and eBook (Adobe Reader)  

Buy & download now @
Nolo (publisher)


Online Will

by Nolo
(2017)

Online Will

In Paperback and eBook (Adobe Reader)  

Buy & download now @
Nolo (publisher)


ADVERTISEMENT

Talk to a Local Inheritance Law Attorney

Enter Your Zip Code to Connect with a Lawyer Serving Your Area

More Florida info from LegalConsumer.com