Legal Question in Wills and Trusts in Florida
Frozen Assets
My Father-in-law is terminally ill. He has a fully executed will in place. Will the assets that he owns jointly with my Mother-in-law such as bank accounts, property owned jointly, automobiles, etc., be automatically frozen upon his death? If they are frozen, what is the lenght of time?
1 Answer from Attorneys
Re: Frozen Assets
To answer your question about what happens to jointly held assets upon the death of one owner you need to examine exactly how the assets are titled. In Florida, assets held jointly with a right of survivorship pass directly to the surviving owner outside of probate upon the death of one owner. The bank statements and real estate deeds should show clearly how they are held/titled. A auto titled in the manner "A or B" is considered to be held in joint tenancy with a right of survivorship. Assets simply held jointly, without any rights of survivorship may have to go through probate to be sold. Consult a local attorney or send me an e-mail if you have any other specific questions.
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