What Does Vesting Mean in Florida?
A right in property vests when an interest in property is transferred to someone and the right begins to belong to that individual. A right vests when it is not subject to a condition precedent. A condition precedent is a condition, which has to be fulfilled before the interest in the property is transferred. So a vested right in property does not depend on the fulfilment of any conditions and the rights absolutely belong to the property owner. For example, when a property is purchased, the buyer has a vested right in that property. That means that no third party can take that right away.
When Do My Rights as Heir Vest in Florida?
According to Section 732.101 of the Florida Statutes, “The decedent’s death is the event that vests the heirs’ right to the decedent’s intestate property.” This means that the heir’s rights to the property vest (begin to belong to them) at the moment of death of the previous property owner. Therefore, it is only possible to give away rights to property you inherited after the passing of the decedent when those rights have already become vested.
Can I Give Away my Rights if I Inherited Property in Florida?
Yes, you can. Whether you inherited property through a will or a trust or the laws of intestacy, you can give your rights away by doing a so-called “gift deed”. This deed can allow you to transfer your inherited right to someone else. The gift deed can be used to transfer all kinds of property, including real estate as well as movable goods. The gift deed must include language that waives all consideration for the property and explicitly state that the property is a gift. The gift deed has to include the legal description of the property, as well as personal information of both parties. It also has to describe how the right in that property will be vested. If the property is owned jointly, all owners have to sign the deed.