Last Will and testament document with pen
What happens to your property if you die without a will in Florida?
When you die without a will and the property did not have a proper beneficiary designation, then the property will need to go to probate.
Probate is a legal process in Florida that is supervised by the court. The main purpose of the Probate system is to satisfy any of your debts, pay taxes, and distribute your property to the rightful beneficiaries.
Who inherits when there is no will in Florida?
Your surviving spouse inherits everything. If you die with children or other descendants from you and the surviving spouse, and your surviving spouse has descendants from previous relationships. Your surviving spouse inherits half of your intestate property and your descendants inherit the other half.
If both parents are living, they split the probate estate equally. If only one is living, he or she receives the entire estate. If the parents are also deceased, then the entire probate estate goes to the siblings and descendants of siblings.
How long does it take to settle an estate without a will in Florida?
Assuming everything goes smoothly, the process of probating the assets of someone who died intestate takes 9 to 18 months.
What happens to bank account when someone dies without a will?
If someone dies without a will, the bank account still passes to the named beneficiary for the account.
What is the cost of probate in Florida?
For estates between $40,000 and $70,000: $2,250. For estates between $70,000 and $100,000: $3,000. For estates between $100,000 and $900,000: 3% of the estate’s value. For estates between $1 million and $3 million: 2.5%
If you don’t have a will or your will needs updating, call Ben Winter.
Ben Winter, P.A. focuses its practice in the areas of general business law, real estate law, Social Security Disability and Workers Compensation in St Petersburg, Florida. For more information, go to our web site www.benwinterlaw.com or call (727) 822-0100.