How often do you hear this? “What, you don’t have a Will? The State will take everything from you!”
Well, not true, not true at all. Unless nobody knows you died and nobody comes forward to claim your money!
However, most of us have heirs who stand to receive a share of our assets after we die, even if we don’t have a Will.
What does happen if you die without a Will? This is what is known as intestacy. If you die intestate, then the law of the state you live in when you die governs how your property is distributed. This law is based upon your marital status and whether you have any descendants.
Is your estate planning up to date?
The intestacy law of Florida significantly changed in Florida on October 1, 2011. Under the new law:
- If you die without a will and you are married and have no children, or your children are of this marriage, then your spouse inherits all your property.
- If you are married and have children from another relationship(s), then your spouse receives one-half of your assets.
- If you have children with your current spouse, but your spouse has children from other relationship(s), your spouse receives one-half of your assets.
- If you have no survivng spouse, your children inherit your property.
- If you have no children or grandchildren, then one-half of your assets pass to your mother and one-half to your father, or all to the survivor.
- If neither of your parents are alive, then to your brothers or sisters.
- If you have no living brothers or sisters, then to your nieces or nephews.
- If you have no nieces or nephews, your assets will go to your grandparents; however, if you have no living grandparents, then to your uncles and aunts and then to their children.
- If you have no relatives on either your mother’s or father’s side, then all your assets pass to the descendants of your last deceased spouse.
Now here is the part where the State gets all your money. If there is no one in the line-up discussed above, then your property passes to the State. In Florida, it is deposited with the Chief Financial Officer in the state school funds. If no one comes forward to claim the funds in 10 years, then the State gets to keep the money. To see if there is any money waiting for you, go to: Florida Treasure Hunt at: http://www.fltreasurehunt.org/index.jsp
So, do you need a Will? Maybe not. In fact, you may not need a will as much as your family will need a lawyer to sort things out after your death. At the Law Office of Debra G. Simms, we don’t just sell documents. We sell relationships and the ability to help families when they are dealing with the loss of a loved one.
Is your estate planning up to date?
Contact us to discuss all your estate planning needs.
Call our Orlando office at 407-331-4LAW.
