The majority of individuals are concerned that if they die without a will, the State of Florida will seize their assets. Unfortunately, this will not be the case in virtually all situations.
The state of Florida, believe it or not, has an estate plan in place for you. In certain cases, you may be content with the plan that the politicians devised for you. In other cases, you may choose to draught a will in order to modify the plan and adapt it to your own intentions and objectives.
WHAT HAPPENS TO YOUR ASSETS IF YOU DIE IN FLORIDA WITHOUT A WILL?
When you die without a will and your assets are regulated by the Florida Intestacy Statutes, which means there was no legal beneficiary designation, the assets must be probated.
In Florida, probate is a judicial case that the court oversees. The fundamental goal of the Probate system is to settle your obligations, taxes and distribute your property to the correct recipients.
If you qualify for a summary administration, which is a streamlined administration, the probate process might take many months. However, if a formal administration is necessary, the estate administration might take anywhere from 6 months to over one year. During this period, the court will be in charge of your property subject to administration.
A personal representative is chosen to oversee your assets throughout a formal administration. If your spouse does not have a choice, a majority of beneficiaries might choose a personal representative to operate on behalf of the estate.
The choice of who will function as a personal attorney might be contentious at times.
Unfortunately, some members of the family do not trust each other or have bad blood. Therefore, it might be difficult to be chosen personal representative over another family member.
If you write a suitable will, you will be able to name who you wish to serve as your personal representative. You may choose any Florida resident over the age of 18 who is physically and intellectually capable of acting. Furthermore, the personal representative cannot have any felony convictions. Finally, if they are not a Florida resident, they must be genetically related to you, such as a son or daughter.
WHO GETS YOUR ASSETS IF YOU DIE IN FLORIDA WITHOUT A WILL?
The Florida Intestacy Statute governs succession in Florida. It specifies who will receive your property if you die without leaving a will.
Your spouse is your first choice. The number of children from various marriages determines whether your spouse receives 100 per cent or 50 percent of your probate assets. If all of your children are from the same marriage, or if no children are born, your spouse will receive 100 per cent of the assets. If there are children from previous marriages on either side, your wife receives half, and your children receive the other half in equal amounts.
If you are unmarried, the Florida Intestacy Statutes transfer your whole estate to your successors, which includes your children. If a kid dies, his share is passed down to that child’s offspring, or if there are none, it is passed down to your remaining children.
If you have no offspring, your inheritance is passed on to your parents. If there are no parents, then the children of brothers and sisters. So, if you’ve noticed, we’re working our way down the line of succession.
Contact Experienced Wills lawyers in west palm beach
To guarantee that your property is divided according to your desires after your death, it is critical to seek the advice of a recognized and experienced Wills lawyer in west palm beach who knows that these are delicate and emotional issues. Our estate planning attorney has extensive expertise in preparing wills for Floridians and can assist you on how to deal with your assets in the manner you choose. Call our offices now to arrange a confidential consultation.