Legal Question in Wills and Trusts in Florida
Payable on Death Accounts Maintenance Nightmare
Help, When there is no will and all but a few accounts ts have benificeries is it nessesary to porbate the entire estate? My Grandmoter had P.O.D.s on all her CDs and annuities. When she moved to Fl. she asked them to change address and add A C/O to the title for maling perposes. She didn't intend to drop the P.O.D. My mother took care of all her acccounts. My mother never realized that the P.O.D. had to be on the 1099 form. She has the orinial pass books. And was aware of any changes her mother could have made. Unforttunatly from the best of my reasearh the P.O.D was dropped about 12 years ago. I understand that banks only have to keep records for 7 years. But shouldn't the banks retain any and all signiture cards? These acounts have been moved by many bank mergers. I can't even follow the path. Something that should have been so easy has turned into a nightmare. Out of many accounts only 8 are missing the P.O.D. What can we do? My mother is an only child. So there is no one to contest. Thanks for your help. KJ
3 Answers from Attorneys
Re: Payable on Death Accounts Maintenance Nightmare
I agree with Mr. Pyle's response. An added comment is that the estate qualifies for Summary Administration if: (1) the accounts subject to probate do not exceed $75,000, OR (2) if it has been more than 2 years since your grandmother's passing. Although Summary Administration is a form of probate it is generally much quicker and less expensive. Should you have further questions regarding this matter, please feel free to contact me.
Re: Payable on Death Accounts Maintenance Nightmare
Only the accounts which had no beneficiary or co-owner would have to be probated. Probate should take place in the county where she was a resident at the time of death. Since there is no will, the property would pass to your grandmother's heirs (her children, I presume). Any Florida attorney familiar with handling probate estates can handle it for your mother. He need not be physically located in the county where probate is done. The POD accounts passed at death to the named beneficiary(ies). Only a death certificate should be required. If the banks do not have the old records on the other accounts, you are probably out of luck - they will have to be probated. Depending on the total value of the accounts requiring probate, a simpler probate (summary) should be available. It is less costly and much faster than the formal probate process.
Re: Payable on Death Accounts Maintenance Nightmare
This is somewhat complicated and it is difficult to give you a reliable answer in this type of format. Your mother should consult with a local attorney who can discuss the entire scenario with her.
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