What Happens if You Become Ill or Die Without an Estate Plan?
Lawyers often tell clients about the risks of not having an estate plan in place. This is more than just a scare tactic to generate business. Attorneys know what your family is facing without estate planning documents to guide them.
A will or trust is a way for you to assert your own control over your assets and estate. Without these, the state would assume all control. Your property would end up in probate court, and it would be a judge who makes all decisions about your property. The judge would apply Florida state law to divide your property, and it may not be in accordance with your wishes.
The Court Decides Asset Division
Usually, it is the spouse and children who have first priority, but the division between them may not be how you want it. If you had wanted your assets to go to grandchildren, friends, or charitable institutions, that would likely not happen without a will. The court is only looking at state law, and they have no way of knowing what you wanted, nor would it really care.
Part of the job of the probate court would be to sell assets and pay debts. The court would appoint an administrator who has control over the sale. Again, this may not be the person who you would want or trust to make decisions.
You have worked too hard to build up assets over the course of a lifetime to lose control of them after you die. This is why getting an estate plan in place today is crucial before something could happen.
Boca Raton Estate Planning Attorneys
To begin work on an estate plan, contact the attorneys at Rubino Findley PLLC online or call us at 561.220.0741. This is not something to delay.