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The post Differences Between a Living Trust and a Will in Florida appeared first on SmartReads by SmartAsset. A last will and testament is a basic building block for establishing an estate plan.
The surviving spouse’s own adult children may subsequently inherit everything, leaving out stepchildren. Laws guaranteeing a spousal elective share may also result in an uneven distribution of ...
In the case of joint tenants with rights of survivorship, all assets go to the surviving spouse." Joint accounts work differently in community property states than in common law states.
The elective share in Florida gives a surviving spouse 30% of the elective estate, which includes all property owned by the decedent, property given away within one year of death, property inside a revocable trust (also known as a living trust), and pay on death accounts. [1]
The intestacy laws of certain American states, limit the surviving spouse's rights (inheritance) to the deceased spouse's real estate to a life estate. Louisiana, applying civil law, has a similar default provision in intestate successions called a usufruct, which is only over community property and ends with the earlier of death or remarriage.
In that case, the inheritance will continue to pass along as state law and will terms required until the assets reach a living person. However, the details of anti-lapse laws vary widely.
The Uniform Simultaneous Death Act is a uniform act enacted in some U.S. states to alleviate the problem of simultaneous death in determining inheritance.. The Act specifies that, if two or more people die within 120 hours of one another, and no will or other document provides for this situation explicitly, each is considered to have predeceased the others.
For example, if you name both your spouse and your sibling as primary beneficiaries, you could specify that your spouse receives 70 percent of the death benefit and your sibling receives 30 percent.