We live in Florida My parents did a will in 2011 & left everything to each other then to me. Im an only child & mom has passed. When my Dad passes what do I do with the will? As far as their home they did a quit claim deed to me with their life estate attached meaning they can live here until they pass. All my Dad has is the home,his bank account,cars & boats thats all.
I wished my Dad would have placed everything into a Trust, to help avoid Probate taxes but he died suddenly before much was placed into the trust.
As for the quit claim deed giving the house to you, one main draw back on that is when the time comes down the road to sell the house, the tax basis will be on what your parents paid for the house. Depending on what the house cost when your parents bought it compared to what you can sell the house, there could be major capital gains taxes to be paid if the house went up in value since day one.
If the house had been still in your Dad's name, then the tax basis used would be the value of the house on the day of you inheriting the house.
If your Dad should move into a nursing home, you would not be able to sell the house, as your Dad still has "life use" even thought he is not living in the house.
I would highly suggest you talk with an Elder Law Attorney to see what is the best route to take, since your Dad has many assets.
Then, you need only take a copy of the death certificate to the bank, and you are done.
Since my Mom has sufficient assets to ensure she can take care of herself without Medicaid in years to come...this is what we did. The family lawyer assisted in getting it all done legally. If your Dad is not in that same situation....then you need to worry about Medicaid deciding he isn't eligible because of gifts he made within the 5 year look back.
Have the cars or boats registered on a transfer-on-death form (allowed only in some States).