What happens if a person dies with no spouse, children, parents, or siblings? What happens when a decedent dies intestate and is not survived by any person that is entitled to his intestate property? What happens when the decedent has no heirs and no West Palm Beach will? Do you want your money to escheat to the State? Probate lawyers know that you may want to read Florida Statute 732.107. When a person dies without a Florida will or estate plan, also known as dying intestate, that person’s intestate property could escheat to the state in some circumstances. When does a person’s estate escheat to the state? When a person dies leaving a Florida estate without being survived by any person entitled to part of it under Florida’s intestacy laws, the estate shall escheat to the state. The funds received by the state usually end up in the State School Fund. You can avoid having your property escheated to the state by creating a simple estate plan, such as a Florida will or West Palm Beach trust.
732.107 Escheat.—
(1) When a person dies leaving an estate without being survived by any person entitled to a part of it, that part shall escheat to the state.
(2) Property that escheats shall be sold as provided in the Florida Probate Rules and the proceeds paid to the Chief Financial Officer of the state and deposited in the State School Fund.
(3) At any time within 10 years after the payment to the Chief Financial Officer, a person claiming to be entitled to the proceeds may reopen the administration to assert entitlement to the proceeds. If no claim is timely asserted, the state’s rights to the proceeds shall become absolute.
(4) The Department of Legal Affairs shall represent the state in all proceedings concerning escheated estates.
(5)(a) If a person entitled to the proceeds assigns the rights to receive payment to an attorney, Florida-certified public accountant, or private investigative agency which is duly licensed to do business in this state pursuant to a written agreement with that person, the Department of Financial Services is authorized to make distribution in accordance with the assignment.
(b) Payments made to an attorney, Florida-certified public accountant, or private investigative agency shall be promptly deposited into a trust or escrow account which is regularly maintained by the attorney, Florida-certified public accountant, or private investigative agency in a financial institution authorized to accept such deposits and located in this state.
(c) Distribution by the attorney, Florida-certified public accountant, or private investigative agency to the person entitled to the proceeds shall be made within 10 days following final credit of the deposit into the trust or escrow account at the financial institution, unless a party to the agreement protests the distribution in writing before it is made.
(d) The department shall not be civilly or criminally liable for any proceeds distributed pursuant to this subsection, provided such distribution is made in good faith.