When it comes to death, many people overlook the ramifications that theirs could lead to without the proper paperwork filed beforehand. Fortunately in Florida, if you die without filling out a will, your closet relatives will receive your assets under the state’s ‘intestate succession’ laws. Here’s what you need to know about them.
The Intestate Succession Laws Cover These Assets
Florida’s intestate success laws cover assets that would have normally passed through your will. This only includes assets that you own alone in your name.
Here are some assets that aren’t covered by intestate succession laws:
- Property you own with another person
- Property you have transferred to a living trust
- Proceeds from life insurance
- Monies in any retirements accounts, including IRA and 401(k)
- Securities held in any transfer-on-death accounts
- Any payable-on-death accounts
Either way, the surviving co-owner or your beneficiary will receive these assets.
Other Parts of Florida’s Succession Laws You Should Know About
When speaking with an attorney about Florida’s succession laws, you should ask:
- Who gets what and when? This includes living children, parents and other relatives. Every situation is different. For example, if you were to die with children and no spouse, the children would receive all of your assets.
- What is the spouse’s share? If you are married, you need to ask about it.
- What is the children’s share? If you have children, you need to ask about it.
Additionally, if you die without a will and without a family who can claim your assets, the state will receive your property. This rarely happens, though, because of the succession laws place. Also remember that they are various rules in regards to succession laws; an attorney will outline those when you speak with him or her.
Stephen K. Hachey, a Florida real estate attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.
The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.