What happens if your spouse dies without a will?
Beverly: Hi there. My question involves what happens, a married couple, if one of the spouses dies without a Will?
Attorney Tom Olsen: Well, let's start by this, most married couples own everything jointly. And by the fact that they own things jointly, if one of them passes, the survivor will automatically own it all, no headaches, no hassles, no probate. So then we really would need to ask ourselves, “Okay, what happens if the husband has some assets in his name only?” Now, Beverly, this married couple you're speaking about, do you think they own everything jointly?
Beverly: I'm not sure, but that's a good question. I've been pushing them to get some paperwork done and it just hasn't happened. So I was hoping you would give me some fuel to speed them on. What sort of tax liability, if any --?
Attorney Tom Olsen: There will be no tax liability, every individual in Florida now can pass away with up to $5.25 million without any estate or death or inheritance taxes. So I'm assuming they're under that amount Beverly.
Beverly: I assume so too. Okay, thank you so much.