Most people have at least thought about having a will, which makes sense because a will is an important legal document that everyone should have. However, at Levins & Associates, L.L.C., we know that even though just about everyone knows they should have a will, there are many people who still don’t have one in place. In some cases this can turn into a bad situation for the family members and other loved ones of those who pass away.
So what happens if you don’t have a will when you die? According to FloridaBar.org, if you die without a will in Florida then your property will be distributed by adhering to a predetermined fixed formula. According to this formula your heirs will receive your property but only according to a rigid formula that is already in place. No special exceptions will be made for those who might have extra needs or who are in extenuating circumstances.
Meanwhile, the court will appoint someone to represent and manage your estate. This person could be someone you know but it could also be someone you never met. Therefore, if you fail to create a will, then the inheritance statute will determine who ends up with your assets.
Another thing to consider is the cost of not having a will. According to the American Bar Association, if you die without a will then the cost of having the state appoint an administrator to manage your estate is usually more expensive than if you would have named an executor yourself before you passed away.
If you would like to learn more about wills and how they work, then please visit our estate planning page.