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Do I Really Need A will for Division of Assets?

That’s a very good question to ask as much as any Family Law Practice in Orlando is concerned. But if you really want to know why you need a will or not, ask yourself this other question: what will happen if I don’t have a will? From that point, you will come to know more about the necessity of having a will or not have a will.

The followings are the three scenarios that would play out when you pass on to glory without a will.

  1. Your assets will be distributed to whoever the law deems fit, not necessarily what you wanted.
  2. Your finds may be limited, and others may not be able to access it, and
  3. Someone will be required to step up to ensure things are distributed

Now, let us analyze the above scenarios in clear details.

1. Your assets are given to whoever the law says, not necessarily what you want

When you die without a will, you will have no say where your property goes. In some situations, someone who you would never have wanted to get a share of your property ends up benefiting from it.

For instance, someone who is separated but have not divorced just yet, the spouse stands a chance of getting a majority of the deceased estate. On the other hand, let say you have a re-partnered, but you’re yet to divorce, the immediate partner may end up not receiving a dime, notwithstanding if you have been together for a year….and might even result into a costly, bitter, and ugly fight.

This goes beyond houses or other large things. It also includes bank accounts, furniture, cars, as well as your unpaid insurance.

There is an order of people that the law may deem fit to give your estate when you kick the bucket without a will. These are:

  • Partner/spouse
  • Parents
  • Grandparents
  • Children
  • Grandchildren
  • Siblings/sisters and brothers
  • Cousins
  • Aunts and uncles

2. Your account may be limited to others

A death certificate may never be enough to claim access to the account of a deceased relative. Instead, a death certificate is only a confirmation of someone’s’ death, not that the person so bearing it has the right to access the deceased accounts. This is a cardinal rule of Family Law Practice in Orlando.

If the bank or financial institution in charge of the deceased account requires confirmation to access the account of the deceased that died without a will, then the person claiming access must apply to the court. These include your parents, spouse, children, or any person interested in administering your estate. The time to do that can be costly, especially in an emergency when dependents have to access your account or have the right to sell something to settle some pressing financial expenses.

3. Someone needs to be up and doing

If you live and die without a will, it means you have not appointed anyone as your trustee or executor. That is someone that should be on the road paying up your bills and doing everything, then give out your assets. There should be someone doing this, and if there is no one to do it, then the government will authorize the Public Trustee to undertake such an assignment. When they do it, they will have to be paid a fee.

Even if someone should step up, it might turn out to be someone you would never have wanted while alive. And don’t forget your separated spouse might apply to administer your estate and may end up getting it if no one else applies or object. And if there is an objection, then the battle will rage on in court—and the cost will be on your estate.

Conclusion

I can imagine you don’t want such situations to arise when you are gone like every other man will do someday. So getting a will while alive should be your best priority when you speak to a Family Law Practice in Orlando. Frank Family Law can handle that for you with ease.