What happens to assets if there is no Will?
Estates to be probated without a Will are called “intestate” estates. The Florida Probate laws set forth rules for distribution of an intestate estate in Florida Statute 732.102 which basically states:
When there is a surviving spouse, and no lineal descendants (children), then the entire estate is distributed to the spouse.
If there is a surviving spouse and lineal descendants, and all lineal heirs are also all children of the surviving spouse – then the surviving spouse in entitled to the first $60,000.00 of the estate assets, plus one-half (1/2) of the remaining estate assets. The lineal descendant then equally share the remaining portion of the estate.
If there is a surviving spouse, and lineal descendants of the decedent; but not all of the lineal heirs are also children of the surviving spouse – then the lineal heirs are entitled to one half of the estate assets, and the surviving spouse is entitled to the remaining half.
If there is no surviving spouse, and there are lineal heirs (children) of the decedent – these children will equally split/share the estate. If there are any deceased children, then the deceased child’s lineal heirs will then split/share the deceased’s portion of the estate.
In cases where there is no surviving spouse, and no lineal heirs, then the Court has particular rules addressing the line of heirs, and their priority.
If you have any other questions or concerns, don’t hesitate to contact us today.