O THOU HAST A WILL - YOU JUST DON’T KNOW ABOUT IT!

According to statistics, at least sixty percent (60%) of you reading this newsletter have not done any estate planning.   You have taken no steps to have your own will or trust prepared.  Nevertheless, you do have a will!  The State of Florida has drafted one for you.  So, if you have not yet taken things into your own hands, here is what your will says: 

MY WILL

(According to the State)

            (1)       I leave everything to my surviving spouse, so long as I have no lineal descendants.

            (2)       If I also have surviving lineal descendants, all of whom are the lineal descendants of my surviving spouse, then I leave the first $60,000 of my estate, plus ½ of the balance of my estate to my spouse.  I leave the remaining assets equally to my lineal descendants, per stirpes.  (“Per Stirpes”, . . . what?)

            (3)       If I have lineal descendants who are not the lineal descendants of my surviving spouse, then I leave ½ of my estate equally to those lineal descendants, per stirpes, and the other ½ of my estate to my surviving spouse.     

            (4)       If there is no surviving spouse, I leave everything equally to my lineal descendants, per stirpes.

            (5)       If I have no lineal descendants, I leave all of my estate to my father and mother equally, or to the survivor of them.

            (Still reading?  Keep going, it gets better . . .)

            (6)       If I have no surviving spouse, lineal descendants or parents, I leave everything equally to my brothers and sisters, as well as the descendants of any deceased brothers and sisters.  (Say what?)

            (7)       If there is none of the foregoing, I leave ½ of my estate to my paternal relatives and the other ½ to my maternal relatives in the following order:

                        (a)       to the grandfather and grandmother equally, or to the survivor of them; or

                        (b)       if there is no grandfather or grandmother, then to uncles and aunts and descendants of deceased uncles and aunts; or

                        (c)        if there is either no paternal kin or maternal kin, the estate shall go to the other kin who survive, in the order stated above.

            It does keep on going until you completely run out of living relatives, but you get the point.

            Now that you know what the State of Florida has in mind for you, is that what you want?  Terrific!  Is it time you took charge and began your own planning?  Please give us a call and we can help.