What To Do To Ensure The State Doesn’t Get Your Property

What is natural and quite common is when an owner passes away, their money and property distribute regarding what their Last Will indicates. The last will is supposed to contain names of all the money and property owned by the decedent as well as the beneficiaries and heirs that will inherit these properties upon his or her passing. The State Doesn’t Get Your Property.

Having no last will means that the owner is authorizing the state to follow the intestate succession law. This can vary from one state to another, but in Florida, this law provides an order by which the property passes on to surviving relatives. The whole process is supervised and sanctioned by the probate court of the state, and the properties that are to be distributed according to the law include land, homes and bank accounts or shares in corporations owned by the decedent upon the time of death. This means that the state doesn’t get your property.

Does A Property Go To The State When The Decedent Has No Heirs?

A statute in Florida states that “When a person dies leaving an estate without being survived by any person entitled to a part of it, that part shall escheat to the state.” Escheat means the reversion of property to the state, especially when in the owner’s death, there are no legal heirs. Essentially, this means that the state will inherit your property if you have no legal heirs.

In Florida, whenever a property is escheated, the probate rules will be followed wherein the property will be sold to any interested buyer, and the money gained from the sale will go to the State School Fund. This transaction will be administered by the Chief Financial Officer of Florida. For cases when a supposed beneficiary is not located or known during the period of escheatment, the state of Florida provides a ten-year period for entitlement claims to be processed. This is under the condition that the claim is made by someone who is legally entitled to the property.

Can Escheatment Be Avoided?

Although for some people, this may seem unusual and a little bit strange, this is a reality that needs avoidance if possible. Estate planning is the one thing you need to invest time on, as this will help you avoid escheatment of your property to the state since the property escheats to the state only when there are no legal heirs upon the death of the owner. Remember, the law of intestate only follows when there is no last will indicating the entitled inheritors upon the death of the decedent. Hence, the best way to make sure that the state doesn’t get your property is to draw up a will. When you know that you will have no surviving heir, you can name a close friend or an organization that is close to your heart as the designated beneficiary to your property.

The escheatment procedure is not ideal and preferable. The state may be able to inherit your property, but it adds effort and inconvenience. Your goal when you have no immediate relatives to pass on your property is to ensure that the state doesn’t get your property. This will save many people time and much grief by making sure that the property you may have established over your lifetime goes to your desired beneficiaries.

If you are curious about whether your property will escheat or you want to plan accordingly so that your assets do not escheat, an experienced Florida Business Attorney can help you make sure your property does not end up getting owned by the state. Get in touch with Jurado & Farshchian, P.L. today to learn more about our services. Call us now at (305) 921-0440 or send us an email to [email protected] for a consultation. We are always happy to help you figure out what the best options are for you.