Florida Estate Planning Lawyer Blog
Forbes has reported that nearly 2.5 million Americans die each year without a will. While many states have default rules that define who will receive your assets, sometimes they do not cover your specific circumstances. Richard Blum, a Holocaust survivor and New York real estate developer appears to be one such example.
If you die without a will or living trust (“intestate”), state law will determine how your assets which are subject to probate are distributed, and the result may not be what you would want.
In Florida this generally means your probate assets will go to your spouse, then your children, then to parents, then to siblings and so on. While this may be fine for the traditional family, we see more families with children from outside the current marriage or relationships where they may not be a relationship that is legally recognized by the state.
Richard at 97 may have outlived his children and because it has been difficult to find siblings and or other relatives, his estate may end up going to the state of New York.
Some might say, if we have no family or relatives, then why not give it to the state. Other would prefer to help friends, caregivers, or a charity.
For families with minor children, a Florida will is how you select a guardian for your minor children if something was to happen to you. If you would like to create a will in Florida, contact us and we can evaluate if a will is the best solution for your circumstances.