While the change in law certainly makes sense to me (as this is what most of my clients request anyway, “Everything to my spouse but if he/she has predeceased, then to my children”), my clients would be surprised that this is new law. Most people believe that if they die intestate, everything goes to their spouse, Well, they’ve been wrong all these years, but that’ll change come October 1st (assuming that all descendants are children of the surviving spouse).
So why do any planning if your intention is for your spouse to receive everything anyway? A few possibilities to ponder:
a) Surviving spouse receives everything upon your passing. You assumed he/she would then leave everything to your children. Surviving spouse remarries and what you thought would be left for the children, is enjoyed with the new spouse. (Not the kind of thing you want to imagine, but unfortunately, a very realistic possibility.)
b) Surviving spouse receives everything upon your passing. Surviving spouse has creditor problems and creditors are successful in getting a judgment against surviving spouse. Bank of Poor Planning will be the ones enjoying assets from your estate, rather than your spouse and children.
c) Surviving spouse receives everything upon your passing. Surviving spouse is involved in a car accident (more probable than not in South Florida ), a lawsuit is filed against him/her, and the plaintiff prevails. Need I say more?
Be proactive, not reactive. Don’t wait until it’s too late to secure the future of your family.
