What To Know About Not Having An Estate Plan?
Are you aware of what you should know about not having an estate plan? As a Florida resident at the time of your passing and without an estate plan, your assets will be distributed according to the laws of the state of Florida. This will be carried out in a court procedure called probate, which can be time-consuming and expensive. You should also be concerned if you do not have an estate plan because your assets may not be distributed according to your wishes, and your loved ones may not be provided for as you would have wanted.
Did you know that, without an estate plan in place, too often disputes may arise among your family members or other potential beneficiaries about how your assets should be distributed, and can cause costly legal battles? Without an estate plan if you have minor children you will not have named a guardian in advance for your minor children, in the event that both you and your spouse are unable to care for them. Finally, if you have a specific charity or organization in mind that you would like to support, without an estate plan you cannot ensure that your assets will be distributed to these specific charities or organizations.
Know that if you die without an estate plan in the state of Florida, your assets will be distributed according to the laws of intestacy. This means that the state will determine how your assets will be distributed, and it may not align with your wishes. Here are some points to be aware of if you do not have an estate plan:
1: When you are married and have children, this is what might happen: In fact, there may be different actions that may occur in regard to the distribution of your assets by the court system of the state you pass away in. If you are not married and have children, again, your children will receive what the state dictates. Another action that can be impactful is if you have a family member with special needs. It is highly recommended that you meet with an experienced Florida estate planning attorney as soon as possible so that you can decide what is best for you, your family and your legacy.
2: If you are not married and do not have children this might happen: Your assets may be distributed to your parents or siblings, depending on who is still living.
3: If you die without any surviving relatives this might happen: Your assets could go to the state.
4: In addition, be aware that if you die without an estate plan in Florida, your assets will be distributed according to the laws of intestacy and it may not align with your wishes, and your loved ones may not be taken care of as you would have wanted.
5: Finally, remember that the probate process in Florida can be time-consuming and expensive, and it may not be private.
When your family or financial health is on the line, trust attorney Paul Riffel to help you protect your interests and achieve your goals. Attorney Paul Riffel has been practicing law in Florida for over 41 years, focusing in the areas of Tampa estate planning and family law. We encourage you to contact us and schedule a meeting with us.