Legal Question in Wills and Trusts in Florida
Will retrieval
My father died recently leaving approximately $210,000 from the sale of a holiday property in Florida in an Floridian bank. My mother and I are the only recipients of the will and we both wish to leave the money in the bank until the dollar grows stronger against the pound for a better exchange rate before bringing it back to be settled by my father's solicitor in accordance with his will. Am I right in assuming that the bank will hold the money until a death certificate is produced, at which time they will forward the money to the solicitor? Can we be penalised in any way or lose the money by leaving it in the bank as opposed to bringing it straight back to the UK, or will the bank happily hold it until we supply a certificate and at that point transfer the funds to the solicitor for the will to be finalised?
Regards,
Matt
2 Answers from Attorneys
Re: Will retrieval
I would first contact the Bank to confirm how the account was titled. Was it a joint account with right of survivorship that would have transferred funds to you or your mother on his death? Did the account have a beneficiary? These are questions the Bank can answer for you. If the account is held only in your father's name probate in Florida will be required to transfer funds to you and your mother. If your plan is to leave the money in your father's name for a few months that is your choice but I would not advise leaving the account alone as a long-term plan.
Re: Will retrieval
I would just add that there is a long term risk because of what might happen to a dormant account. So, do contact the bank first.
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