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In this article, you can discover…
When you die intestate, that means you die without a will. When this happens in Florida, state law steps in and determines who will secure your assets. According to Florida’s intestate laws, your spouse is the first in line to act as your personal representative. The next in line will be your children, half-children, and step-children, and it’s not uncommon for conflicts to break out as a result of poor planning.
The best way to avoid all of this is to have a will written up and have a plan in place. Even if your estate doesn’t have to be probated, it’s a good idea to name someone as your personal representative (called an “executor” in other states).
The personal representative has the authority to do quite a few things without court permission, such as put things under lock and key. They don’t have the authority to transfer property, but they can file a tax return.
It’s also important to know that when you die without a will in place, the State of Florida decides who will get your assets, and this can have a profound impact on what happens if your estate has to be probated, especially if you have a blended family.
If you have no spouse or child and you die without a will in Florida, the first in line to receive your assets are your parents, followed by your siblings, nieces, and nephews. Eventually, the State will likely find someone who is related to you, and they will receive your assets. The best way to avoid this is to have an estate plan in place to make it clear who is to inherit your money, possessions, and property when you pass away.
Intestate succession can have devastating impacts on surviving spouses and children, especially in a blended family. For example, say a man marries and starts a family in his early 20s, has three children with his first wife, divorces in his mid-30’s, and gets remarried in his late 30’s and has a child with his new wife.
When you have a will, you can plan to support all of your children, both the ones who are now high school-age and the much younger child you now have. In Florida, the law tends to protect traditional, nuclear families better than blended families, so it’s best to plan ahead.
Having a will in place nullifies debates over or among half-siblings, stepchildren, former spouses, and a new spouse. You need to make a plan, let your family know in advance what is going to happen, and prepare for the future you would like them to have.
The best time to start planning is today. If you’re new to Florida, come into my office and make sure your documents are still valid. I’ve seen many clients move to Florida, and their lives change drastically. But very few clients ever change their stockbroker, even after a move, so it’s important to make sure the money moves with you.
You should also make sure you have a will in place. This is especially true if you have children or step-children, but is equally important for people who have no children or who are single.
For more information on Florida intestate succession, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (239) 990-2024 today.