Wills are an essential part of estate planning that can help you decide how to distribute your real estate, financial accounts and personal property after your passing. You can also use wills to give instructions concerning who your assets will go to during the probate process. With this in mind, it is important to determine what might happen to your belongings after you pass away before writing a will.
What is intestacy?
In Florida, if you pass away without a will, then you pass away “intestate.” If this happens, the state distributes your probate assets under the state’s intestacy rules. This determines which people your estate goes to, as well as how much. Florida’s intestacy rules are as follows:
- If you do not have children, your spouse receives your entire estate.
- If you and your spouse have children together, your spouse still receives the entire estate.
- If you have children from a previous relationship and a new spouse, your estate is divided. Half will go to your spouse, while the other half is split equally between the children.
- If you have children but do not have a spouse, your children receive your entire estate but split it equally among themselves.
- If you do not have a spouse or children, your parents receive your estate.
However, if you have no spouse, no children and no parents, your estate will go to your extended family. This hierarchy continues until an eligible heir is found. Stepchildren also cannot legally inherit your estate if you do not legally adopt them. In the event that there are no heirs who can inherit your estate, it will instead go to the state.
Why does intestacy matter for your estate?
Florida’s intestacy rules determine what happens to your probate assets. Many assets pass outside probate, such as life insurance with a beneficiary or joint accounts with survivorship. However, any solely owned asset under your name without a beneficiary can enter the probate process – so long as it is not part of a trust.
In Florida, passing away intestate does not necessarily mean your estate vanishes. Instead, it means the state will use its own laws to determine how to handle your probate assets. If you want to decide who inherits and who manages the distribution of your estate in your stead, you will need to write a valid will and assign your beneficiaries.
