Can the Florida Government Really Take My Assets After I Pass Away?

If you are in the process of researching estate planning in Tampa, you may have come across an interesting piece of information: Under certain circumstances, the government is technically allowed to take your assets after you pass away. How could this be legal or constitutional? More importantly, how do you prevent this from happening? This might be a conversation worth having with an experienced Tampa estate planning attorney.

The Government Can Only Take Your Assets Under Certain Circumstances 

The Florida government can only take your assets after you die under certain circumstances. These circumstances are so rare that most people never have to worry about this happening. However, this could be a valid concern if you have no Last Will and Testament.

If you die without a Will, the probate court follows the laws of intestate succession. These laws state that the probate court must allow your living relatives to inherit your assets. Surviving spouses and children get first priority during intestate succession. If you die without a spouse or children, the probate court simply searches for other close relatives. If no close relatives are available, the probate court will continue to search for anyone who is even distantly related to you. This could be someone whom you have never met, or someone you were not even aware of.

What happens if you die without any living relatives? In this situation, the probate court typically holds your assets for a few years, potentially allowing distant relatives to come forward and claim them. If no one comes forward, the assets finally “escheat” to the government. In other words, the government takes your hard-earned savings and assets.

Under the state’s “escheat statute,” the government must spend your assets on education. The funds will pass to the State School Fund, ensuring that your money will at least go toward a good cause after you pass away. Technically speaking, a distant relative could still choose to come forward and get the money back within 10 years of the funds escheating to the State School Fund.

The Solution Is Extremely Basic

If you want to prevent the government from taking your money after you’re gone, the solution is extremely simple. Create a Last Will and Testament, and you can control what happens to your assets after you’re gone. If you have no living relatives, you could choose a close friend, godchild, or charity to inherit your assets. Although it might feel comforting to know that your assets will fund education if you do nothing, it makes sense to choose a charity that you actually believe in.

Can a New Port Richey Estate Planning Lawyer Help Me? 

If you’re concerned about your assets “escheating” to the government after you pass away, you may want to discuss your legal options with a Seminole estate planning attorney. Although this is a valid concern, it is very easy to avoid this outcome with basic estate planning strategies. Keep this conversation going by contacting Knudsen Law at 727-398-3600 today.

Sources: 

fltreasurehunt.gov/UP-Web/sitePages/FAQs.jsp#:~:text=Chapter%20717%2C%20Florida%20Statutes%2C%20requires,of%20time%2C%20usually%20five%20years.