Procrastination, or putting off unpleasant tasks, is part of human nature. Many people delay activities that they know are necessary, including estate planning, because they don’t enjoy them.
Older adults who move to Florida for their retirement or young adults starting their families may tell themselves that they have plenty of time to draft wills and other estate planning documents.
Unfortunately, quite a few people die before they ever establish valid estate plans. People who understand what might happen if they die without a will can see the importance of creating an estate plan as soon as possible instead of waiting for some future event to motivate them.
The law controls estate administration if there is no will
Florida has specific laws that apply when people die without wills. Intestate succession laws govern the distribution of property when someone dies without an estate plan. Current Florida statutes prioritize close family members of the deceased party.
If a married person without children dies, their spouse may inherit everything they own. If a divorced or widowed parent dies, their children may inherit everything. Frequently, surviving spouses and children split an estate. In cases where someone dies with neither a spouse nor children, then their parents might inherit everything.
The problem with intestate succession
Relying on state law to govern the probate process is not an ideal arrangement. Many people have wishes that do not align with intestate succession rules.
They may have a long-term romantic partner who isn’t their spouse. They may have close friends, siblings or grandchildren whom they want to include in their planning. Intestate succession laws do not typically include extended family or non-familial relationships.
Additionally, the people left behind when someone dies without a will are likely to fight over the estate. They may end up causing permanent damage to family dynamics if they disagree about the distribution of property or the wishes of the person who died.
Finally, there are the delays and costs of probate proceedings to consider. An estate plan helps ensure that specific people inherit assets intended for them promptly and with minimal conflict.
Sitting down to discuss estate planning with the lawyer can be beneficial for those with specific wishes about their personal legacies, valuable property or complicated family circumstances. Instead of gambling on the ability to plan in the future, taking control now may be the better option.