Knudsen Law
December 18th, 2024
How do you approach estate planning if your property is divided between Florida and Canada?
According to various reports, Canadians own 500,000 homes across Florida. They are the largest foreign buyers of Florida real estate by a considerable margin, and this should not come as a huge surprise when you consider the freezing temperatures of the True North. Many of these Canadians are self-professed “snowbirds” who move down south during the winter.
Don’t assume Florida and Canada have the same laws! Consider putting your Florida property into a Trust:
A common issue among Canadian snowbirds is multiple probates. In other words, Florida property may need to go through a different court process compared to your Canadian property after you pass. To avoid this issue, consider putting your Florida property into a trust. This makes the property exempt from probate, and your beneficiaries can inherit it more easily.
