Too many people don’t think it’s necessary to create an estate plan – even just a will. They just assume that their assets will go directly to their closest family members, like their spouse and children.
While this is generally true, it’s important to know that state law determines how the assets will be divided based on who survives a person who dies “intestate” (without a will). Further, the law doesn’t address how specific assets are divided. Just telling someone you want them to have your home, boat or other asset after you die carries no legal weight.
If a Florida resident dies intestate, their estate is distributed according to the state’s “intestate succession” laws. Let’s take a brief look at how that works.
If there’s a surviving spouse, do they inherit everything?
If someone leaves behind a spouse and no children or a spouse and the couple’s children, that surviving spouse gets the entire estate. However, if one or both of the spouses had children with someone else, the estate is divided equally between the spouse and any children of the deceased.
If there are surviving children but no spouse, the entire estate is divided among the children. Note that if there are divorce proceedings in place when a person dies, they’re typically considered legally married if the divorce isn’t final
What if there is no surviving spouse or children?
If a person dies intestate with no surviving spouse or children, their estate passes to any surviving parent(s). If there are none, it is split among any siblings. If there are no surviving siblings, the remaining order of succession is:
- Nieces/nephews
- Grandparents
- Aunts/uncles
- Cousins
If there is no surviving family, Florida law stipulates that the entire estate goes to “the kindred of the last deceased spouse of the decedent as if the deceased spouse had survived the decedent and then died intestate entitled to the estate.” That means your assets could go to people you’ve never met and who may not be capable of handling them responsibly.
Other ways to designate beneficiaries
There are other ways outside of a will to leave specific assets to people by adding them on the title of properties like homes or as joint owners of bank accounts. They can be named as beneficiaries on retirement and investment accounts. You can use payable-on-death (POD) or transfer-on-death (TOD) designations as well.
Even if you use these methods to transfer assets after you’re gone, it’s still wise to put a will in place, with guidance from an estate planning professional, to take control of your legacy.