Can you tell me what to expect regarding inheritance after my parents pass away? 7 Answers as of September 16, 2011

Generally, a probate case will be opened, the house will be determined to be homestead, and then the home will become the property of the three kids, unless a will or some other document directs it otherwise. You can avoid the cost of the probate by using a Florida Enhanced Life Estate Deed or a trust in some cases.

In order to answer the question, we'd need to know a lot more about your parents' assets and their estate plan. If you are named as a fiduciary for your parents (personal representative, successor trustee) you might want to request a meeting with their estate planning attorney to sort out what you will need to do.

The answer to your questions depends on how your parents' estate planning is set up. If they have a revocable trust, and the house is in a trust, then the house will pass outside of probate at the death of the surviving spouse and the successor trustee will be responsible for transferring the house into the names of the beneficiaries. If they do not have a trust, but have Wills, then the Wills dictate what happens to their assets (presumably they want all the kids to split everything equally). The house will have to go through the probate process (which is a court proceeding that can take anywhere from 3 months to one year, depending on whether there are other assets). The court will sign an order stating the homestead belongs to whomever is listed in the Will and that Order acts like a deed transferring the property into the beneficiaries' names. Finally, your parents could do an enhanced life estate deed, which avoids probate (similar to a trust). The enhanced life estate deed (also known as a "ladybird deed") gives a life estate to your parents (but they retain the right to sell it, mortgage it, rent it, etc., until their deaths and without any permission from the remainder persons), and if they still own it at their deaths, they name who will receive the property in the deed. At the death of the surviving parent, the kids would record the death certificate and title would vest in the remainder persons (presumably the children).

This really depends on whether your parents leave a will or not, how the real property, that is the house, is deeded, and how any beneficiary designations have been made on other assets, such as bank accounts, IRA's, 401K's and the like. It may even depend on which parent passes first, as to how the other parent disposes of their property. So no clear answer can be given.

Without seeing the will or knowing what state you are in, there is no way to answer the question. (And bear in mind wills can be changed).

That depends on whether they have a will or trust, if so, how the estate is distributed in the will or trust, and if the will or trust requires the property be sold, kept or something else. Also, whatever is in the will or trust can be changed at any time before death, so nothing is certain until that occurs.