What happens to my property and assets if I do not create a Florida will?

When Floridian residents do not have a will, heirs are not privy to the intestate. Rather, Florida law statutes mandate that any remaining assets and property must adhere to a preset formula. In essence, residents who do not write a Florida will run the risk of their property becoming a property of the state once they die. This is especially true of deceased person, who does not have any heirs.

Who manages how my property is divided if I neglect to make a Florida will?

Without a Florida will, the court appoints a representative to handle to the details of the estate. The person may or may not know the deceased. 

By creating a Florida will, the benefactor maintain control over how their assets are distributed.

If you create a will, you determine how your property and assets are divvied up, versus the Florida law making those decisions. The person, who is named the representative of your will is referred to as the executor. (Executor can be either an appointed individual, or a bank).

A trust can take care of a minor’s financial needs. The underlying advantage is that the trust covers the minor’s living expenses sans the cost of proceedings for property guardianship. Trusts are generally created in a Florida will as a benefits to heirs. A portion of the benefits are maintained a part of the estate or as a source of income.

A Florida will may assign the deceased assets as a gift after the person’s death.

Individuals, who create a Florida will, ultimately  decide who bears any tax burden, rather than the law making that decision.