Identifying who stands to inherit your assets at death is essential for building a solid estate plan that addresses both the law and your family’s unique dynamics. Whether you are creating a trust, drafting a Will, or wondering what happens if you do not have an estate plan in place, understanding the determination of heirs in Coral Gables and elsewhere in Florida is important.
Our seasoned Wills and Trusts attorneys could explain what the rules of inheritance are and who stands to benefit from your estate after you pass away. They could also assist you with creating an estate plan that communicates your wishes for distributing your assets.
While many people refer to a person who stands to inherit as an “heir,” there are legal differences between an heir and other types of beneficiaries.
An heir is a person who is legally entitled to receive the assets of a decedent’s estate, specifically when the estate of the deceased person is intestate, meaning they passed without a Will. Conversely, a beneficiary is named either in a Will, in a trust, or on non-probate assets like life insurance policies, retirement accounts, or payable-on-death accounts.
Even if you have an estate plan in place, it is important to determine who your heirs are, whether they are from Coral Gables or living out-of-state. These are the people who will inherit if any assets are missed or your documents are challenged.
When someone passes intestate, their probate assets will pass via a specific set of laws designating heirs by priority. The people who will inherit depends on who survives the deceased.
In many cases, the surviving spouse—if there is one—will inherit the deceased’s estate. This is true even if there are surviving descendants unless those descendants are not related to the surviving spouse. In these situations, the spouse would inherit half, and the other half would be divided among the children of the decedent.
When there is no surviving spouse, the estate passes to any children or grandchildren. If there are no living descendants but the deceased has surviving parents, the estate would then pass to them. If the deceased does not have surviving parents, any assets would pass to living siblings or more distant relatives.
When creating your estate plan, understanding who your heirs are is critical. You need to determine who may stand to inherit if you do not have legally sound and well-crafted estate planning documents in place. Determining your heirs could also help you understand how the rules of intestate succession in Coral Gables and throughout Florida may affect your own family, allowing you to proactively address any foreseeable challenges.
Additionally, knowing who your heirs are underscores the importance of beneficiary designations on non-probate accounts. If you have not made these designations, your life insurance and investment assets may pass to your legal heirs despite your intentions. Keeping these designations current could help you make sure your wishes are properly reflected.
For many individuals, the most important part of their estate planning is dividing up their estate among their beneficiaries. Without a legally sound estate plan in place, these wishes could be undermined. Identifying your heirs under the law could help you make informed decisions and proactively approach any potential concerns in your estate planning documents.
If you need help with the determination of heirs in Coral Gables, Veliz & Associates, P.A. is here to assist you. Contact our experienced estate planning lawyers now for a consultation to prepare for the future.
We evaluate your case and determine how we might be able to help.
We will meet with you to discuss your next options and lay out a plan.
Our team guides you throughout the process so you feel confident about your choices.
(305) 250-9917