If you have no heir and live in Florida, it is natural to be concerned about the eventuality of your money after you die. As one of the skilled family attorneys Miami locals know and trust, Arturo R. Alfonso, P.A., also specializes in estate law, so you can have peace of mind knowing we have your back. Read on to learn about if the State of Florida will get your money after you pass away.
What Happens To Your Money After You Die?
After a person passes away, their property and money are distributed based on whether they had a will or not. If they drafted a will before they died, assets would be given to the beneficiaries mentioned in the will. But if they pass away without a will, the property will be distributed via intestate succession.
What Will The State Do With My Money After Death If I Do Not Have An Heir?
In line with Florida law, when an individual dies without an heir entitled to the money, it will be escheat to the state. This means that when there are no wills and heirs, money will be handed over to the state after death. The money escheats in Florida are deposited by the CFO (Chief Financial Officer) of Florida to the account of the State School Fund. Florida law allows residents to claim their money within ten years. This probation period ensures that someone who has a valid claim to the money comes and claims. But if, after ten years, no one is seen, no claim could be made.
How To Avoid Escheatment
Can escheatment be avoided? The answer is yes! However, it requires thinking and planning how you want your money to be handled when you are no longer here. Recall that if there is no person legally attached to your money or property, the money will go to the state. How will someone be entitled to the money? If a deceased person allocates money to a person whose name was written in the will. In addition, it can be that a person is the rightful heir of the decedent. Are you without an heir? Start making preparation now! It will be provided in the will by an attorney that deals with the estate law. For instance, you can give your money to an organization or friends. If that’s the decision you want to make, you will be guided on how to do it.
Do you still have questions about what happens to your money after you die? Do you have questions on how to draft a will? For more information, contact us at Arturo R. Alfonso, P.A. We are one of the best family lawyers who offer estate law and other legal services in Miami. Our commitment and goal are to help you solve future and present problems. With us, you will always get reinstitution of health and wellness in an inexpensive and stress-free way, knowing we have your back.