Intestacy & Probate In Florida

When a person passes away, most of the time their estate must pass through a process known as probate. This is a procedure in which an estate is examined and distributed to both the decedent’s creditors and their chosen beneficiaries according to their Last Will & Testament (whenever possible). Most probate estates are handled within a few weeks or months – but if a person dies without a valid will, the probate process can take far longer.

Cut & Dried

With a will, the probate process is fairly linear – a will is submitted to probate, its contents are verified and accounted for, and then creditors and heirs receive that which they are due (whenever possible). Without a will, much more legwork may be necessary in order to unite potential beneficiaries with their gifts, or to verify that none exist. This is why it is so crucial for everyone – even younger people – to have at least a will, if not a full estate plan, as early as possible.

Intestacy, or the intestate system, is a series of laws to govern a situation in which a person with a valid estate dies without a will in which their property is distributed. Florida’s are fairly straightforward, granting property first to a surviving spouse, then to any children, parents, or other familial relations, going down the proverbial line. If a deceased person has no blood relations whatsoever, it will then escheat to the state – that is, it will be absorbed by the state, so that assets or property do not simply exist in limbo – but it still must clear the probate process.

Hidden Costs Can Cause Financial Hardship

If you have seen a loved one or friend pass away without a will, you will likely have seen the fallout of an intestate succession for any surviving family. For example, one  of the major issues seen when someone dies intestate is that non-biological family members are often left out in the proverbial cold – stepchildren will generally receive nothing in the probate process unless they have been legally adopted.

Another serious issue with an intestate estate is that since no planning has been done, any surviving family may be stuck with hidden fees or debts they knew nothing about. Estate taxes in particular may lead to legitimate financial hardship for those expecting a simple bequest – while Florida does not have an estate tax as of this writing, property located in a state that does may be subject to such fees.

Call A Hollywood, FL Probate Attorney

If you are looking to plan your estate, it is crucial that you include a Last Will & Testament. Without one, you run the risk of subjecting your beneficiaries to extended probate and potentially ruinous financial costs. If you have any questions about planning your own estate, a Hollywood, FL probate attorney from the Law Offices of Steven A. Mason, P.A. may be able to assist. Call our office today to speak to an attorney.

Source:

flsenate.gov/Laws/Statutes/2020/0732.102