Legal Question in Wills and Trusts in Florida
If the contents of a safe deposit box are left to me in a legal will and there is 50,000 dollars in the safe deposit box; am I able to file a form, pay tax on it and then have that money incorporated into my bank account?
If so, is there a limit to the amount of money that this transaction can happen with?
Thank you.
1 Answer from Attorneys
It's not that simple. In order to gain access to the safe deposit box you will need to go through the probate process. Once that has commenced, and the personal representative gains access to the box, he will gather all assets, pay all expenses, and then distribute the assets (including the contents of the box) to the rightful heirs according to the will. It is highly unlikely that a personal representative would distribute that kind of cash to you, as he would have the responsibility to invest that money during the process.
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