Why Florida’s Abatement Laws Matter When Drafting Your Will

When drafting a will in Florida, it's crucial to consider the state's abatement laws and how they could impact the distribution of your assets. Abatement refers to the order in which assets are used to pay debts, expenses, and bequests when your estate lacks sufficient funds to cover everything outlined in your will. Understanding and properly addressing abatement can mean the difference between your true wishes being carried out or not. Florida's default abatement rules under Statute 733.805 establish a rigid hierarchy for asset distribution that may not align with your intentions.

This one-size-fits-all approach often leads to unintended consequences. For example, specific bequests of sentimental or valuable items you wanted certain loved ones to receive could be the first assets liquidated to cover debts and expenses . Your residuary beneficiaries may receive far less than you envisioned if those assets need to be depleted first.

An estate planning lawyer can analyze your unique situation and craft an abatement plan aligned with your objectives. They'll use clear, legally binding language leaving no doubt that Florida's default abatement scheme is being overridden per your instructions.

While the abatement issue may seem like a minor technicality, it can have major consequences without proper planning. Don't let Florida's one-size-fits-all approach derail your intended legacy - work with a qualified attorney to put an abatement strategy in place that protects your family and your wishes. Wills require careful drafting by an expert to avoid costly mistakes. When it comes to something as important as deciding how your assets will be divided among loved ones, having a knowledgeable estate planning lawyer in your corner will be extremely beneficial.