Video Summary
What happens if I own probate property but don’t have a will? Well first, as far as owning probate property, that means that, that’s property that is owned in your individual name and does not have a designated beneficiary or is not held jointly with anyone else. So, first we have to define what is probated property.
The next question that you have is, if I die without a will and you own property in your individual name, then you die what they call “in testate.” And the Florida statutes have set forth a will, in their statutes they say who will receives your assets. And it goes something like, if you’re married, your spouse they receive all or a half, depending on whether or not you have any children from another marriage. If you are not survived by a spouse then it will go to your children. If you die without any children and without a spouse well then, what we call, it ascends instead of descends and goes to your parents. And if they’re deceased well then it goes back down the family tree to your brothers and sisters or your siblings and their children.
So first off is, probated property is property, which you own in your individual name at the time of your death. And the Florida statutes had set forth who the beneficiaries are, so it must go through probate. The myth that the state will take the property is simply that, the state will not take your property unless you die with no heirs whatsoever, which is very, very remote. I don’t know that I’ve ever seen that happen. So if you got any call, if you have any questions about that, would like to have a will drawn up or do some estate planning, give me a call at 727-847-2288.