Legal Question in Wills and Trusts in Florida
My father passed-away in Jan. 2012 in Tamarac, FL where he lived for over 20 years. I live in Pennsylvania, my sister, the will's Executor, in New Jersey. His will is simple, basically, 1/2 to me, 1/2 to my sister, and $10K to his life partner Doris Smith.
All his accounts (bank, CDs, stock, mutual funds) except for one are TOD to me, or are jointly owned by me. There are no outstanding debts, no other property (no car, house), only these accounts. Is there an "estate" that needs to go to Probate, and do I own all the accounts that are TOD to me and are joint with me only? The will splits the "estate" as above, but do I need to follow that directive?
2 Answers from Attorneys
any accounts that were held jointly OR with a Pay-On-Death (POD) provision or Transfer-On-Death do not have to be included in a probate process. However, any account or property that was held in his name only would have to be included in the probate and the Personal Representative/"executrix" would be responsible for dividing the assets up. She will likely need an attorney if probate is required. Even though you are listed as joint owner or TOD on the accounts you should still honor the directions of the will.
Even though you state that most of the accounts are TOD, you should probably consult with a probate attorney for a more comprehensive review and evaluation of your specific cricumstances. A review of the will should be included in that evaluation so the attorney can give you the proper advice. You should not rely solely on responses to forum questions.It is not required that you have an attorney in Tamarac, any probate attorney in Florida can assist you and/or your sister in this process.
No. Those accounts are not part of the estate. Whether you should, is up to you.
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