When Can My Estate Be Forfeited to the Government? Florida’s Escheat Statute.

Why are you making a Palm Beach estate plan with a validly   executed Florida will? Despite the fact that it’s largely a myth one resounding answer to this question is that you do not want the money to escheat to the State. Do you know when your inheritance escheats to the state? You may want to brush up the Florida’s Rules of Intestacy Succession

Palm Beach Wills

• Your will is really just a set of instructions on how to distribute your Delray Beachassets.
• Do you know what happens when you do not leave instructions (i.e. a will)?
• Have you ever heard of intestate succession?
• Florida (and all states) has established default rules for what to do with your West Palm Beach estate.
• These rules are known as intestate succession.
• Do you know where to find Florida’s rules on intestate succession?
• Have you looked at the Florida Statutes?
• The amount that a spouse gets depends on if there were children and if they belonged to both spouses.
• But wait a minute what about the worst-case scenario where an estate will escheat to the state?
• The truth is this is very uncommon.
• Experienced Palm Beach probate litigators know that assets only escheat to the state when there are no discernable heirs pursuant to Florida’s statutes.
• Do you know whose duty it is to find those relatives?

Inheritance Escheating to the State

• Florida’s Escheat statute can be found in Fla. Stat. 732.107.
• Property that belongs to estate pursuant to this section will be sold off and deposited to the State School Fund.
• At least it goes somewhere good right?
• The fact remains it is extremely unlike that your property is going to escheat, whichbegs the question why do you need a will?

Will Guided Succession

• Experienced Palm Beach probate litigators know that a will is not as much about keeping the money from the government as it is getting it where you want it.
• Intestate succession rules are basic and designed for what most people would want, that may not be you though.
• Also there is one true part about keeping money from the government a properly planned estate could reduce taxes!

Want to learn more? Check out Fla. Stat. 732.107 and the rest of the Florida Rules on Intestate Succession by clicking here.