Does Your Spouse Automatically Get Everything With No Will in Palm Beach County?

According to AARP, about 60% of Americans do not have Wills. A Last Will and Testament represents the most basic form of estate planning, and estate planning lawyers in Palm Beach County often wonder why residents do not take this simple step. However, individuals may be reluctant to write Wills for various reasons. Some might assume that even if they do not write a Will, their spouse will inherit everything in a relatively seamless manner. But is this really true?

Why Your Spouse Is Most Likely to Inherit Your Wealth if You Don’t Have a Will 

If you die without a Will, Florida’s laws on “intestate succession” apply. These laws represent a pre-determined formula on who will inherit your property, depending on what type of relatives you have. If you die with a surviving spouse, under certain fact patterns, intestate succession statutes in Florida state that your spouse will inherit your entire estate. Even if you have children with that spouse, your spouse may still inherit your entire estate.

Things get a little more complex if you have children from other relationships who are not children of your spouse, and your spouse might only inherit half of your estate in that case. If you do not have a spouse but you die with surviving children and without a will, your children will inherit your entire estate.

The Inheritance Process Is Not Exactly “Automatic” 

Based on Florida’s laws on intestate succession, you might assume that you do not even need to write a Will if you have a spouse. If you want to leave your spouse everything, then why not just let the process of intestate succession take effect?

First, you should know that the process of intestate succession is not “automatic.” Your spouse will not inherit your property seamlessly, and intestate succession is a time-consuming process. Your beneficiaries might also encounter more legal fees when navigating this process. In comparison, dying with a Will often makes these wealth transfers much easier and less costly.

Finally, leaving your spouse everything is not always the best solution. If you have children, siblings, or nieces/nephews, you might also want to leave them with various assets. A Will allows you to do this easily and with minimal cost to the whole family.

Can an Estate Planning Lawyer in Palm Beach County Help Me Write a Will? 

An estate planning lawyer in Palm Beach County may be able to help with many steps, including the creation of a Last Will and Testament. The process of writing a Will is much simpler than many realize, and this can make it easier for your beneficiaries to inherit your assets. Although it’s true that Florida’s laws on intestate succession may cause your spouse to inherit your property even without a Will, there are much easier ways to pass on your wealth. To discuss these options, consider a consultation with Kitroser, Lewis & Mighdoll today.

Sources: 

aarp.org/money/retirement/half-of-adults-do-not-have-wills/

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html