Common Myths About Your Estate After You Pass Away
Estate planning is important for all adults in Florida. With a comprehensive estate plan, you can ensure that your loved ones are cared for and supported after you pass away. Unfortunately, there have been many myths and misconceptions that have emerged regarding estate planning over the years. It is critical that you do not believe these when creating your estate plan, so you can make informed decisions and control what happens to your estate after you pass away. Below, our Daytona Beach estate planning lawyer explains in further detail.
If I Do Not Have a Will, My Spouse Will Receive Everything
Whether your spouse receives all of your property if you pass away without a will depends on your personal situation. If you do not have children or you have children with your spouse, they will receive all of your property. On the other hand, if you have children from a previous relationship, they will receive 50 percent of the property within your estate. Your spouse will also only receive 50 percent of the estate’s assets.
A Will Avoids Probate
Perhaps one of the most common misconceptions about estate planning is that a will can ensure that your property is not subject to the probate process. This is entirely untrue. Wills have many benefits and drafting one during your lifetime is very useful. These legal documents can name a personal representative to administer your estate, outline how property is distributed, and name a guardian for your minor children.
However, a will must go through probate. In fact, one of the first steps in the probate process is to prove, or validate, any will left behind. There are many legal tools used to avoid probate, but a will alone does not accomplish this.
Without a Plan, the State Receives the Property Within the Estate
If you pass away without an estate plan, the intestacy laws in Florida will dictate who receives the property within your estate. For example, your spouse and children are the first to receive property if you pass away without a will. The state will rarely seize the property within an estate. Typically, this only occurs when a person passes away without any beneficiaries or heirs to receive the property.
Family Members Must Repay Debts of the Estate
Many people believe that if they owe debt when they pass away, their family members will be personally responsible for paying it. Fortunately, this is not true. However, property within your estate can be used to repay debt. This may mean that your beneficiaries may receive less property than you intended. Trusts and other legal tools can protect property from the probate process, so it is not used to repay debt.
Our Estate Planning Lawyer in Daytona Beach Can Provide the Legal Advice You Need
When estate planning, it is critical that you do not believe much of the misinformation that has emerged over the years. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can provide the sound legal advice you need so you can make informed decisions that protect you and your family. Call us now at 386-252-5170 or contact us online to schedule a consultation with our experienced attorney and to learn more about how we can assist with your case.
Sources:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
