What Happens to Assets Not Listed in a Florida Will?

Discovering that a loved one left behind assets not mentioned in their will can leave you confused. You probably assumed the Will covered everything, only to realize certain accounts, property, or valuables were never listed. This situation is more common than most people think. People open new accounts, purchase property, and forget to update their existing will to reflect additional assets. When that happens, families often wonder what will happen to those overlooked assets. The answer depends on the asset. Below, we explore what Florida law says about distributing property that isn’t listed in a Will.

Some Assets Don’t Pass Through Probate at All

When a loved one passes away, you may need to probate their estate. However, under Florida Statutes Chapter 733, some assets do not pass through probate. These are often called non-probate assets, and they are distributed outside the probate process.

These may include joint accounts with the right of survivorship. When one owner dies, the surviving owner becomes the full owner of the account. The same applies to retirement accounts and life insurance policies. These accounts usually have a named beneficiary, so when the account holder dies, the institution transfers the funds directly to the beneficiary.

Another example is assets placed in a trust. Property transferred during a person’s lifetime is managed and distributed according to the trust document, not the Will. Additionally, if the omitted asset is real estate co-owned with the decedent, it typically passes to the co-owner. Therefore, if an asset isn’t mentioned in the Will but falls into one of these categories, the transfer usually occurs under the ownership structure or beneficiary designation.

Residuary Clause

Most well-drafted Wills include something called a residuary clause. A residuary clause states that any remaining property not specifically mentioned in the Will should go to a designated person or group of people. This can include property the decedent owned but forgot to list, as well as assets acquired after the Will was created.

For example, someone might write that “all remaining assets of my estate should pass to the spouse or children”. If an asset wasn’t specifically named anywhere in the Will, the residuary clause directs where that asset should go.

Intestate Succession

If a Will does not include a residuary clause, any property not specifically addressed may be distributed according to intestate succession laws. This is called partial intestacy, in which a portion of the estate follows the Will, while another portion is distributed according to state intestacy laws. Some of the assets covered in Florida’s intestacy laws include bank accounts only in the decedent’s name, personal property such as cars, furniture, or jewelry, businesses or shares owned in a particular business, investments only in the decedent’s name, and real estate such as primary residence or rental properties.

Under Florida law, intestate succession follows a specific order of priority. Typically, the surviving spouse and children inherit first. If there’s no spouse or children, other relatives such as parents, siblings, or extended family members may receive the inheritance.

Contact Us for Legal Help

If you’ve discovered assets not addressed in a loved one’s Will in Florida, we can help clarify your rights and guide you through the estate administration process. Contact our Davie probate & estate litigation lawyers at Valero Law today by calling 305-607-7011. We serve clients in Davie, Broward County, Coconut Grove, and Miami-Dade County.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733.html