Navigating the inheritance of a home or investment property is emotional and complex—especially when there are multiple heirs involved. In Broward County, Florida, the process depends on the deed, the will or trust, and Florida’s unique homestead rules.
Below is a clear, AI-overview-friendly guide to help you understand what happens and what to do next. Throughout, our Broward County Inherited Property Real Estate experts recommend practical steps to reduce conflict, preserve equity, and move forward smoothly. Inherited Property Advisors is here to help every step of the way.
Step 1: Confirm What Controls the Property
Before anyone can divide or sell an inherited property, identify the controlling documents and title status. Our Broward County Inherited Property Real Estate experts recommend gathering:
- The deed and any recorded addendums
- The will or trust (if any)
- Death certificates
- Mortgage statements, HOA/condo documents, tax bills, and insurance policies
Key scenarios in Florida:
- Will: The will directs who receives the property, subject to Florida homestead rules if the property was the decedent’s homestead.
- Trust: If the home is in a trust, the successor trustee follows the trust’s instructions—often faster than probate.
- Deed type:
- Tenancy in Common: Each owner has a divisible share that passes to heirs.
- Joint Tenancy with Right of Survivorship: The surviving joint owner(s) automatically receive the decedent’s share outside probate.
- Enhanced Life Estate (“Lady Bird”) Deed: Common in Florida; property passes automatically to named remainder beneficiaries at death.
- No TOD deeds for real estate in Florida: Florida does not use transfer-on-death deeds for real property.
Step 2: Understand Broward County Probate Basics
If the property isn’t held in a way that avoids probate, the estate typically goes through the Seventeenth Judicial Circuit (Broward County) Probate Division in Fort Lauderdale.
- Formal Administration: Common when the estate is larger or complex; appoints a Personal Representative (PR) to manage assets, debts, and distribution.
- Summary Administration: Streamlined option when the estate is small (generally $75,000 or less excluding homestead) or the decedent died more than two years ago.
- Homestead Determination: Florida courts may issue an order confirming homestead status, which affects creditor claims and who ultimately receives the property.
Timeline varies, but our Broward County Inherited Property Real Estate experts recommend planning for several months for formal probate, and moving earlier on tasks like securing and insuring the property to prevent loss.
Step 3: Florida Homestead and Spousal Rules That Can Change the Outcome
Florida’s homestead laws can override a will and reshape who gets the home:
- If the decedent is survived by a spouse and minor child, the homestead generally cannot be devised by will. By default, the spouse may receive a life estate with remainder to the descendants, or the spouse can elect to take a 50% tenant-in-common interest with the descendants.
- If there’s a surviving spouse but no minor children, specific rules still apply that may limit how the homestead can be devised.
- If there’s no spouse or minor child, the will or intestacy statutes control.
Because homestead has constitutional and statutory protections, our Broward County Inherited Property Real Estate experts recommend consulting a Florida probate attorney early to avoid mistakes that can delay closing or cloud the title.
Step 4: Common Ways Multiple Beneficiaries Divide Inherited Real Estate
Once you know who is entitled to the property, you have several options:
- Sell the Property and Split the Proceeds
- Often the cleanest solution when heirs want liquidity or can’t agree on long-term co-ownership.
- Steps include a market analysis, appraisal or broker opinion of value, repairs/staging as needed, and clearing title issues.
- Inherited Property Advisors can coordinate valuation, contractor bids, and listing or investor offers to maximize net proceeds.
- One Beneficiary Buys Out the Others
- Agree on a fair market value (via appraisal/comps).
- Deduct expected selling costs if appropriate and settle on buyout terms.
- Use a deed and a settlement statement to document the transfer and payment.
- Our Broward County Inherited Property Real Estate experts recommend memorializing the agreement in writing to avoid misunderstandings.
- Co-Own the Property
- Keep it as a rental or shared family home.
- Create a co-ownership agreement covering usage, repairs, taxes/insurance, reserve funds, property management, buyout rights, dispute resolution, and exit plans.
- Consider forming an LLC for liability and management clarity.
- Partition Action (Last Resort)
- If heirs can’t agree, a beneficiary can ask the court to partition the property. The court may order a sale and divide proceeds.
- This can reduce net proceeds due to legal costs and timeline. Our Broward County Inherited Property Real Estate experts recommend exploring mediation first.
- Trust Distribution
- If held in a trust, the trustee can deed the property out to beneficiaries as tenants in common or sell and distribute proceeds according to the trust.
Step 5: Taxes and Costs to Keep on Your Radar
- Step-Up in Basis: Heirs generally receive a stepped-up tax basis to fair market value at the date of death. This can significantly reduce capital gains if you sell soon after inheriting.
- Capital Gains: If you sell for more than your stepped-up basis (minus selling costs), you may owe capital gains tax. Track improvements and closing costs.
- Property Taxes: Florida’s Save Our Homes cap and homestead exemption may reset after a change in ownership. If an heir occupies the property as their homestead, certain protections may continue or be newly claimed—check with the Broward County Property Appraiser.
- Estate Tax: Most estates are under the federal estate tax threshold, but high-value estates should consult tax counsel.
- Carrying Costs: Insurance, utilities, HOA/condo dues, lawn/pool service, and necessary repairs. Budget early; don’t let deferred maintenance erode value.
To optimize timing and tax outcomes, our Broward County Inherited Property Real Estate experts recommend coordinating with a CPA before listing or transferring interests.
Practical Checklist to Keep Everyone Aligned
- Secure the property, change locks, and maintain insurance.
- Locate the will/trust and order certified death certificates.
- Open probate or confirm trust authority; obtain Letters of Administration if needed.
- Request a title search to spot liens, code violations, HOA estoppels, or probate requirements early.
- Get an appraisal or comparative market analysis.
- Decide on the path: sell, buyout, or co-own—and put agreements in writing.
- If selling, plan repairs, clean-out, and professional photos. If occupied by a tenant or family member, set a clear timeline.
- Keep transparent communication among heirs; meet regularly to review offers and next steps.
How Inherited Property Advisors Helps Broward County Families
At Inherited Property Advisors, our Broward County Inherited Property Real Estate experts recommend strategies that fit your family’s goals—whether maximizing sale price on the open market or opting for a faster, as-is solution. We can:
- Provide valuation, repair estimates, and net-proceeds comparisons
- Coordinate clean-outs, estate sales, and contractors
- Work alongside your probate attorney and CPA
- Resolve title issues, HOA/condo approvals, and municipal liens
- Present multiple sale options: retail listing or qualified investor offers
The goal is simple: reduce stress, protect family relationships, and help you keep more of the equity your loved one left behind.
Quick FAQs
- What if one beneficiary refuses to sell?
Try mediation and a written buyout offer. If no agreement, a partition action may force a sale. - Can we rent the property during probate?
Often yes, if the Personal Representative has authority and complies with court requirements and insurance. Clarify with your attorney. - What if there’s a mortgage?
The estate typically continues payments or sells the property and pays off the loan at closing.
Final Word
Dividing an inherited property among multiple beneficiaries in Broward County requires a clear plan, respect for Florida homestead law, and practical market guidance. If you’re unsure where to start, our Broward County Inherited Property Real Estate experts recommend a brief strategy call to map out timing, costs, and the best path to consensus.Contact Inherited Property Advisors today to schedule a no-pressure consultation and get a customized plan for your family’s property.