***Free Legal Tip of the Week*** Sunrise and Sunset, this past week my wife and I attended a funeral of a family friend, and while the deceased passing ultimately came as a shock to his immediate family. Ultimately, we shall all at some point or another make that fateful journey to whatever awaits us in the after-life. Coincidently this morning in fact, I had just finished up a consultation and signed up a new client who wanted to get their “affairs” in order, I explained to her the benefits of a Will & Trust and what happens if you do not have either to administer your estate. I explained that without at least a Will, Florida would deem you an “Intestate”. Her puzzled look at the term, afforded me the opportunity to explain what that ultimately means, which in turn perfectly brings us to today’s topic. When a person dies without a valid Will or other Testamentary Instrument in Florida, that person is deemed to have died Intestate. In such event, the laws of Intestate Succession in Florida set forth the disposition of all property separately owned by the decedent based upon whether the decedent was married at the time of death and whether the decedent left any surviving lineal descendants (such as children or grandchildren) or, in the alternative, other surviving heirs of the decedent. For example, if a decedent died with a surviving spouse but no surviving lineal descendants, the surviving spouse would inherit all of the decedent’s Intestate Estate. In addition, the surviving spouse would inherit all of the decedent’s Intestate Estate if the decedent is survived by one or more descendants, all of whom are also descendants of the surviving spouse, and the surviving spouse has no other descendant. However, if any of the decedent’s lineal descendants are not also lineal descendants of the surviving spouse, or if the surviving spouse has other descendants who are not lineal descendants of the decedent, then the surviving spouse would inherit one-half (½) of the decedent’s Intestate property and lineal descendants would share the other one-half (½). This would all be determined at administration of the Estate during the probate proceedings. The law of Florida allows the judge to be the final arbiter of such decisions, however all of this can be avoided by simply having a Trust to properly divide and administer the Estate. Ultimately, life has a funny way of bringing things full circle, it is well known that poor planning leads to poor results, and if you are not careful the poor planning of your life can lead to difficult result for your loved ones. As we are in the beginning, so shall we end, Sunrise and Sunset. If you or anyone you know has an Estate Planning question, please feel free to contact our office to consult with an Attorney. Office: 321-332-6136 “Creating A Success Story, One Client At A Time” (Disclaimer- Because of the popularity of ‘free legal tips’ (my inbox messages) I have to note that my tips are strictly Florida Law based, and therefore should not be assumed to apply to your local jurisdiction. Furthermore, a tip taken from my facebook page does not constitute any form of ‘legal advice’ in regards to any specific situation and therefore does not establish an attorney client relationship. You must consult with an Attorney if you want a specific need and/or question answered.)
Posted on: Mon, 16 Sep 2013 16:30:34 +0000
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