WILLS & TRUSTS OUTLINE
(1) Distinction between PROBATE and NONPROBATE assets.
(2) Predictability of Probate and Nonprobate processing systems.
(3) Integration of the Nonprobate and Probate systems.
FPC 732.101 Intestate estate.
(1) Any part of the estate of a decedent not effectively disposed of by will passes to the decedent’s heirs as prescribed in the following sections of this code.
(2) The decedent’s death is the event that vests the heir’s right to the decedent’s intestate property.
FPC 732.102 Spouse’s share of intestate estate.
The intestate share of the surviving spouse is:
(1) If there is no surviving lineal descendent of the decedent, the entire intestate estate.
(2) If there are surviving descendants of the decedent, all of whom are also lineal descendants of the surviving spouse, the first $60,000 of the intestate estate, plus one-half of the balance of the intestate estate. Property allocated to the surviving spouse to satisfy the $60,000 shall be valued at the fair market value on the date of distribution.
(3) If there are surviving lineal descendants, one or more of whom are not lineal descendants of the surviving spouse, one-half of the intestate estate.
FPC 732.103. Share of other heirs.
The part of the intestate estate not passing to the surviving spouse under s. 732.102, or the entire intestate estate if there is no surviving spouse, descends as follows:
(1) To the lineal descendents of the decedent.
(2) If there is no lineal descendant, to the decedent’s father and mother equally, or to the survivor of them.
(3) If there is none of the foregoing, to the decedent’s brothers and sisters and the descendants of deceased brothers and sisters.
(4) If there is none of the foregoing, the estate shall be divided, one-half of which shall go to the decedent’s paternal, and the other half to the decedent’s maternal, kindred in the following order:
(a) To the grandfather or grandmother equally, or to the survivor of them.
(b)If there is no grandfather or grandmother, to uncles and aunts and descendants of deceased uncles and aunts of th
eafter, inherit intestate property as if they had been born in the decedent’s lifetime.
FPC 732.107 Escheat.
(1) 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.
(2)Property that escheats shall be sold as provided in the Florida Probate Rules and the proceeds paid to the Chief Financial Officer of the state and deposited in the State School Fund.
(3) At any time within 10 years after the payment to the Chief Financial Officer, a person claiming to be entitled to the proceeds may reopen the administration to assert entitlement to the proceeds. If no claim is timely asserted, the state’s rights to the proceeds shall become absolute.
(4)The Department of Legal Affairs shall represent the state in all proceedings concerning escheated estates.