Something very important to consider is that the Will you have made in Australia its not going to have any effect in the USA. Therefore its very important to have another will prepared in the USA. Note that the information below may differ from state to state.
If you fail to make a will before you die (called interstate) your property will be divided between your heirs according to a formula which its fixed by law. Your property does not go to the State unless there are no heirs.
When there is no will there is a personal representative appointed, usually known to you to manage your estate. The cost of this will probably be more than if you had prepared a will and the estate may be subject to a greater court supervision.
Things to take into consideration:
- A will its valid until changed or revoked.
- You can not disinherit your spouse without a properly executed marital agreement
- If you are not going to leave anything to one of your children its a good idea to mention in the will that no provision is being made for that child.
- A well prepared will could reduce the estate and income tax that may arise when you die. Estate taxes are usually the largest cash expense an estate can have.
- Marriage does not void a will (in Florida), but a spouse acquired after you wrote your will may receive the same portion of your estate that he/she would have received if had you died without a will (at least one-half).
- Make sure that if you contact an attorney, he or she should be is certified in Elder Law or Wills, Trusts and Estates.
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