In this article, you can discover:
- Dying without proper estate planning documents in Florida leads to an intestate scenario, where the state oversees the probate process.
- Without specified estate planning documents, the state decides who will care for minor children based on their best interest.
- A Special Needs Trust in Florida is designed to provide for the lifelong care of disabled or special needs children.
What Happens When Someone Dies In Florida Without Proper Estate Planning Documents In Place?
When a person dies without any estate planning documents, they’re considered to have died “intestate”. Their estate then goes through the probate process, and a personal representative is appointed by the judge. It’s generally a longer process as it requires a detailed search through the decedent’s assets and properties.
What Happens If We Don’t Have Proper Estate Planning Documents That Clearly Lay Out Who Will Care For Our Children In Florida After Our Death?
If there are no documents stating who will care for minor children after a parent’s death, the state will decide based on the best interest of the child. An estate plan is primarily for the distribution of assets, not child custody. While the court may consider the parent’s wishes, the final decision lies with the state.
What Planning Documents Do Parents Need In Florida To Protect And Provide For Their Minor Children?
To provide for children, parents should consider financial investments and life insurance policies. A trust can also be established to ensure a consistent flow of funds for the children. However, a trust document is only valuable if there are assets or income-producing investments as part of the trust’s assets or “res.”
What Healthcare-Related Documents Do I Need To Include In My Estate Plan In Florida?
Healthcare-related documents like medical directives are crucial. These include decisions about end-of-life care and who can make medical decisions on your behalf if you’re unable. Another consideration due to the pandemic is specifying who can visit you in the hospital during restrictive situations.
What Exactly Is A Special Needs Trust Under Florida Law?
A Special Needs Trust is designed to care for disabled or special needs children. It ensures these children are taken care of throughout their adult life, particularly if their parents pass away. The trust’s effectiveness, however, depends on adequate funding.