What’s mine is mine and what’s yours is mine… Not always true.
Probate is the legal process used in Florida by which property and assets are transferred to the heirs or intended beneficiaries of the deceased person. The concept of probate does not exist in French law, property and assets pass automatically upon death to the heirs. Whatever your Last Will and Testament might say, it can be overturned by your protected heirs. In the majority of cases these will be your children. So you cannot cut your children out of your Will under French law.
Under American law anyone making a Will has “testamentary freedom” which means that you can choose whoever you want to inherit your property and assets and in whatever proportions as long as this is set out in a valid Will.
Another important fact is that in France the inheritance tax is paid by each beneficiary on the shares that they receive whereas in Florida there is no inheritance tax for amounts below $5.43 million per person.
Michael D. Wild is a Florida attorney specializing in the areas of estate planning, asset protection and probate administration. To learn more about probate administration, please contact the South Florida law firm of WFP Law at 954-944-2855 or via email at [email protected] to schedule your free consultation. It’s a Wild world. Are you protected?