The AARP reports that roughly 60 percent of American adults lack proper estate planning, with only 4 in 10 having a will or living trust. This isn’t shocking news, but it is concerning, considering that settling an estate with no will in Florida is often a challenging endeavor. Although older adults tend to have a better handle on these records (which makes some sense, given that as we age, we face the reality that estate planning is important), it’s wrong for younger generations to assume it isn’t necessary, even if they aren’t wealthy. A will stipulates things like what will happen to your small children if you and your spouse die, who can make financial and health care decisions for you in the event you’re incapacitated.
The term “intestate succession” refers to the distribution of one’s estate when one dies absent a valid will. The process varies from state-to-state, but generally follows that one’s surviving spouse and other heirs will receive decedent’s possessions in order of descent.
Florida’s intestate succession laws are outlined in F.S. Chapter 732. It should be noted that state laws can frequently change, so it’s important to discuss your options with a probate litigation lawyer if you have concerns about your rights and obligations. Continue reading