Do you have a Florida estate plan? If your answer is no, what will happen if you do not have an estate plan? Without an estate plan, your assets will be distributed according to the laws of your state of residence at the time of your death. For example, if you are a Florida resident at the time of your passing and you do not have an estate plan, your assets will be distributed according to the laws of Florida. This process is called probate and it can be time-consuming and expensive. Another concern you should have is that without an estate plan, your assets may not be distributed according to your wishes, and your loved ones may not be provided for as you would have wanted.
Unfortunately, without an estate plan, there may be disputes among your family members or other potential beneficiaries about how your assets should be distributed, which can lead to costly legal battles. If you have minor children an estate plan is critical because it will allow you to name a guardian for your minor children, in case both you and your spouse are unable to care for them. Finally, if you have a specific charity or organization in mind that you would like to support, an estate plan can ensure that your assets will be distributed to these specific charities or organizations.
Now if you die without an estate plan in the state of Florida, your assets will be distributed according to the laws of intestacy. This means that the state will determine how your assets will be distributed, and it may not align with your wishes. Here are four points to be aware of if you do not have an estate plan.
- If you are married and have children, there are many different scenarios that may occur in regard to the distribution of your assets by the court system of the state you pass away in. If you are not married and have children, your children will again receive what the state dictates. Also, if any of your family have special needs that is another scenario that can be impactful. It is highly recommended that you meet with a Florida estate planning attorney as soon as possible so that you can decide what is best for you, your family and your legacy.
- If you are not married and do not have children, your assets may be distributed to your parents or siblings, depending on who is still living.
- If you die without any surviving relatives, your assets could go to the state.
- Remember, the probate process in Florida can be time-consuming and expensive, and it may not be private.
Be aware that if you die without an estate plan in Florida, your assets will be distributed according to the laws of intestacy and it may not align with your wishes, and your loved ones may not be taken care of as you would have wanted. Also, the probate process can be costly and time-consuming and may not be private. We highly recommend that you begin creating your Florida estate plan as soon as possible.
At the Law Office of Brian C. Perlin, P.A., our credentials enable us to provide a multi-disciplinary approach to our legal services. By building relationships with our clients, we are also able to understand each client’s needs and desires, and we support such goals through thoughtful, comprehensive planning techniques. We encourage you to contact us and schedule a meeting.