Legal Question in Wills and Trusts in Florida
Is a Summary Administration and Estate account needed (Florida)? My father left all assets (bank accts, CDs, stock, mutual funds) to me via TOD or joint accounts. There is no Probate needed (no car, home, or solely owned possessions). His 3 credit reports show no outstanding loans or creditors. His will requests that all assets be split between me and my brother. Can I just change the accounts to my name and distribute the monies to my brother as my father wanted without Summary Admin, etc.? It seems cut & dry? Thank you.
2 Answers from Attorneys
If the TOD accounts are to you only, you should have no problem. If you have assets that you are to split between you and your brother - then you may want to consider a short administration in the event that a stock will not transfer without a court letters.
Probate is only when an asset does not know who its owner is upon the owners death.
Since it appears that all assets were jointly owned, or TOD, then no probate required. Also the Will has no effect on them, and they transfer in accordance to the account.
But lets say in a few months a refund check comes in your fathers name, then that would have to be probated to negotiate the check.
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