How To Leave An Inheritance For A Non-Relative
There are many reasons people sometimes choose non-relatives to inherit their property after they pass away. Sadly, some people do not have any surviving loved ones while others are estranged from their family members. When these individuals are planning their estate, they often want to leave an inheritance to others, such as close friends. Although it is possible to leave an inheritance for a non-relative, there are certain issues that can arise when doing so. Below, our Daytona Beach estate planning lawyer explains what these are and how to overcome them.
Estate Planning Laws in Florida Prioritize Family Members
It is important to know that the estate planning and probate laws in Florida are largely focused on family members. For example, the intestate succession laws stipulate that if you pass away without a will in place, your spouse, children, and other closest living relatives will receive certain portions of your estate. Neither the law nor the courts will consider your personal relationships with these family members, which may result in people receiving an inheritance you had not intended.
Due to this, it is of critical importance to write a will that clearly outlines your wishes if you want to leave non-relatives an inheritance. As fewer people decide to get married and have children, these laws may change over time. However, it is critical that you create your estate plan according to today’s laws to ensure your wishes are respected.
Interested Heirs Can Contest Your Will
Even with a strong will in place, you should also understand that any interested heir has the right to contest the will in court. An interested heir is any person who has a financial stake in your estate and that could be negatively impacted by the outcome of probate. Interested heirs include anyone who would benefit from your estate under Florida’s intestacy laws such as beneficiaries, and even creditors. A will contest can significantly delay probate proceedings, making it take longer for your beneficiaries to receive the inheritance you intended for them.
Lifetime Gifting May Be a Better Option
To avoid possible issues when leaving an inheritance to a non-relative, you may want to consider lifetime gifting. This means giving your beneficiaries the assets you want them to receive while you are still alive. Not only can this help avoid a will contest, but it may also have certain tax benefits. It is important to discuss your options with an estate planning attorney who can advise you of your options and ensure your wishes are fulfilled.
Our Estate Planning Lawyer in Daytona Beach Can Advise You of Different Strategies
If you want to leave a non-relative an inheritance, there are many strategies to consider. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can advise on what these are and help you take the necessary steps to ensure your estate is distributed according to your instructions. Call us now at 386-252-5170 or contact us online to request a consultation and to get the legal help you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
