When one dies without a will, they are said to have died intestate. In Florida, when a person dies and has left no will, the Florida intestate succession statutes will determine how the assets of the decedent will be distributed. Unfortunately, this does not always mean that the assets will be distributed in a way that the decedent may have wished or hoped for - nor will the tax consequences to those who inherit be particularly favorable. This is why estate planning is crucial.
The intestacy laws of Florida are complex and should be discussed with an estate planning attorney. Individuals who choose to read this post are reminded that it is only offered as information and that it contains no legal advice. Specific legal questions should not be answered with the comments offered herein.
Every Florida resident has an estate plan, whether they know it or not. An estate plan can be established by a will and other estate planning documents. In the absence of these, another estate plan comes into effect: Florida's laws of intestate succession. About a month ago, we discussed how these laws provide for a person's spouse if the person dies without a will. This blog post will briefly describe how others are provided for if there is no spouse of if the spouse does not take the entire estate under the laws of intestacy.
Estate planning attorneys in Florida for the most part agree: It pays to have an estate plan. Wills and trusts are powerful estate planning tools for people in the Sunshine State. Without a will, a person's estate will be distributed according to Florida's laws of intestacy. These rules may work well for some Floridians; others may not find them to be consistent with their estate planning goals.
With autumn here and winter hard on its heels, many retirees will be making their way back to Winter Haven, Lakeland, and other communities throughout Florida. These snow birds who spend the summer months in northern states and then fly south to Florida for the winter truly do enjoy the best of both worlds in many ways. However, it's important to give due consideration to which state is one's legal residence, as the laws of that state will affect one's estate and assets.
One of the most compelling reasons a Winter Haven resident might have for creating a will is the power to distribute one's assets as one sees fit. While the intestacy laws provide for distribution of assets after death, not all people will find these rules to be satisfactory. A will, on the other hand, can give people a great deal of discretion in distributing assets. One famous comedian seems to have taken advantage of this feature in planning his estate.
Everyone has an estate plan, whether they know it or not. For Winter Haven residents who die without a will, their estate plan is the state's intestacy laws. While these laws may work well for some, many others may find them to be unsatisfactory. In particular, people with large, complex assets and property may not necessarily be happy with the intestacy laws.
If you are contemplating estate planning and the importance of estate planning, you may wonder what happens in Florida if you die without a will. Each state has what are referred to intestacy laws which govern intestate succession if an individual passes away without a will. Intestacy laws determine inheritance rights if an individual dies without a will.
With Republicans in the White House, there has been much talk both on state and national levels of how the issue of estate taxes, sometimes also called death taxes, will be affected. Estate planning is a state issue that the Florida state legislature makes the rules about taxes and exemptions, as do other states. However, federal regulations passed are required to be adhered to by the state in the broader sense. While nothing imposing has been passed on the federal level, many states are beginning to trend towards reduced or eliminated 'death tax'.
The sudden death of music legend, Prince, left fans and family reeling last year. One year later, the heirs of his inheritance are still in the midst of processing his assets and other financial aspects of his massive estate. To make matters even more dramatic, it was reported that Prince had no estate plan and did not leave a will as to what was to happen with any of his property, both physical and intellectual property. Of course, intellectual property like Prince's music has been of much debate as of late.