If you die without a will or trust, the state has a “default plan” to dispose of your assets. Known as intestate succession, the courts decide what happens to your estate with a system that rarely reflects people’s wishes. It’s a long and grueling process, which causes numerous problems for potential heirs. A Tallahassee estate planning attorney explains more.
What Happens When Someone Dies Without a Will?
Laws of intestacy vary by state, but generally, they dictate that assets are distributed to the deceased person's closest living relatives. Florida Statute sections 732.101–.109 outlines the process in our state:
- If there’s a valid marriage to a surviving spouse, that individual receives everything. However, if there are children from a previous marriage, the estate would be divided between them and the surviving spouse.
- If there’s no spouse, biological or legally-adopted children become the prime beneficiaries. Stepchildren aren’t eligible. If a child dies before their parent, then a grandchild may inherit a portion of the estate.
- Without a spouse or children, the decedent’s parents are next in line to inherit the estate.
- Finally, if these heirs aren’t alive, the deceased’s siblings or other closest relatives are entitled to the estate.
In some circumstances, the state’s default process can cause serious harm, as a beneficiary may not be ready to receive their inheritance. For example, while the courts may grant the estate to your surviving children when they turn 18, we’ve seen dire consequences of beneficiaries receiving their inheritance too young and without financial guidance. Conversely, some older heirs receive these assets while on Medicare, which has a completely different level of complications.
It’s imperative that you take control and work with a qualified attorney who understands how to develop a valid will and other declarative documents for an estate plan that clearly outlines your wishes. This ensures you’ll provide ample protection for your beneficiaries.