Creating a will is an important part of protecting your property and providing clear instructions for what should happen after your death. However, even a carefully prepared will may not specifically mention every asset a person owns. You might purchase property after signing your will, open a new financial account, acquire valuable personal property, or simply overlook an existing asset.

If you forget to include an asset in your will in Florida, that does not necessarily mean the asset will be lost or automatically pass to the state. How the property is distributed can depend on the language of your will, how the asset is titled, whether it has a beneficiary designation, and Florida's probate and intestacy laws.

For individuals and families in Broward County, understanding what happens to omitted assets can help prevent unexpected probate issues and encourage more effective estate planning.

Does Every Asset Need to Be Specifically Listed in a Florida Will?

A Florida will does not necessarily need to individually identify every item of property you own. Many wills contain a residuary clause, which provides instructions for distributing property that is not otherwise specifically addressed in the document.

For example, a will may make specific gifts to certain beneficiaries and then direct that the remainder of the estate pass to a spouse, children, or other beneficiaries. An asset that was unintentionally omitted from the specific provisions of the will may therefore become part of the residuary estate.

Whether this happens depends on the terms of the particular will and whether the asset is actually considered part of the probate estate.

What Is a Residuary Clause?

A residuary clause is designed to address property remaining after specific gifts, expenses, debts, and other estate obligations have been handled. This provision can be particularly important when someone acquires additional assets after creating a will.

Without an effective residuary clause, property that is not otherwise distributed under the will may be subject to Florida's intestate succession laws.

This is one reason regularly reviewing a Florida estate plan can be important. A will that accurately reflected your circumstances several years ago may no longer account for changes in your property, finances, or family.

What Happens If the Will Does Not Cover the Forgotten Asset?

If an asset is part of the probate estate and the will does not provide for its distribution, the property may pass according to Florida intestate succession laws.

Under Florida law, intestate succession determines which relatives inherit property when there is no controlling provision in a valid will. Depending on the person's family circumstances, property may pass to a surviving spouse, descendants, parents, siblings, or other relatives.

This can produce a result that differs from what the deceased person intended. Someone may have wanted a particular asset to pass to one beneficiary,

but if the estate plan does not properly address that property, Florida law may determine who receives it.

Some Assets May Pass Outside of the Will

Not every asset is controlled by a will. Certain property can transfer directly to another person based on ownership arrangements or beneficiary designations.

Examples may include:

• Life insurance policies with valid beneficiary designations
• Retirement accounts with designated beneficiaries
• Certain bank or investment accounts with payable-on-death or transfer-on-death arrangements
• Property owned jointly with rights of survivorship
• Assets properly transferred to and governed by a trust

Because these assets may pass outside probate, forgetting to list them in a will does not necessarily affect how they are transferred.

However, beneficiary designations and ownership documents should still be reviewed periodically. Inconsistent estate planning documents can create confusion and may result in assets passing differently than anticipated.

What About Property Acquired After You Sign Your Will?

Estate plans are not limited to the property a person owns on the day a will is signed. Depending on the language of the will and the nature of the property, assets acquired later may still be distributed under the will, including through its residuary provisions.

Nevertheless, major financial or personal changes are good reasons to review an estate plan. These changes might include buying or selling real estate, starting a business, receiving an inheritance, opening significant financial accounts, getting married or divorced, or welcoming children or grandchildren.

Keeping a will current can reduce uncertainty for beneficiaries and the person responsible for administering the estate.

Can You Update a Florida Will to Add an Asset?

If you realize during your lifetime that an important asset is missing from your estate plan, you may be able to update your will or create a new one.

Florida has specific legal requirements governing the execution of wills and certain amendments. Simply handwriting a change onto an existing document or informally telling family members who should receive an asset may not accomplish the intended result.

An attorney can review the existing estate plan and determine whether a new will or another estate planning tool may be appropriate.

How Forgotten Assets Can Affect Florida Probate

An omitted asset can make the probate process more complicated, particularly when beneficiaries disagree about who should receive it. The personal representative may need to determine whether the asset is governed by the will, a beneficiary designation, an ownership arrangement, or Florida intestacy law.

Issues may also arise when an asset is discovered after probate has already begun or after beneficiaries believed the estate had been fully identified.

Maintaining updated records of real estate, financial accounts, business interests, insurance policies, and other valuable property can make estate administration easier for surviving family members.

Reviewing Your Estate Plan in Broward County, Florida

Estate planning should generally be viewed as an ongoing process rather than a document that is completed once and forgotten. Changes in property ownership, finances, relationships, and Florida law can affect how an estate plan operates.

Periodic reviews can help identify forgotten assets, outdated beneficiary designations, and provisions that no longer reflect your intentions.

At Michael Greenwald, P.A., we provide estate planning and probate legal assistance to individuals and families throughout Broward County, Florida. If you are concerned that an asset has been left out of your will or want to review your existing estate plan, our firm can help you understand the options available under Florida law.

Contact Michael Greenwald, P.A. to discuss your Florida estate planning or probate needs.