Legal Question in Wills and Trusts in Florida
No Will, but letter describing benificiary
My 90 year old Mother's cousin passed away at an assisted living center. My mother is the only known living relative. A form from the assisted living center named my mother as beneficiary to his trust account at the assisted living center. What happens to his bank accounts and any Stocks and Bonds he had that were not in his trust account at the assisted living center? We are in possession of the certificates but do not know what the next step would be to determine if my mother will be the beneficiary of his estate. It is in excess of 1 million dollars.
3 Answers from Attorneys
Re: No Will, but letter describing benificiary
The next step is to open the probate administration to probate the estate (pay off creditors,if any, and distribute the assets to the appropriate beneficiary(ies). You should consult a local attorney as quickly as possible. Gather all potentially relevant documents and bring them to your first meeting (including the death certificate). If there was no will, the estate will go to the heirs at law (closest family first; then, further removed if no close relative alive).
Re: No Will, but letter describing benificiary
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
Florida statutes contains what is commonly referred to as the "laws of intestate succession" which dictates how property will be distributed upon the death of a party who dies intestate (without a will). The property is distributed to the closest heirs pursuant to a chart which details the lines of consanguity (which is loosely translated as closeness by birthlines to the decedent).
If your mother is the only living relative she may be entitled to inherit the entire estate of her cousin. You and your mother should consult with a probate attorney who can advise you as to the necessary steps and procedure to file an estate for your mother's cousin. All assets must be identified, pleadings prepared and filed with the court, and the estate must be probated.
Scott R. Jay, 305-249-8000
Re: No Will, but letter describing benificiary
As your mother is the closest (only known) relative, she would inherit the entire estate. Since it appears that her cousin's name alone appears on the various assets/accounts, they will have to go through the probate process. But despite the relatively large size of the estate, the probate process should not be too complicated, lengthy, or costly. Although the Florida statutes state that 3% of the estate is presumed to be a reasonable attorneys' fee for handling the probate, that appears very excessine in this case (certainly far more than I would charge). You or your mother will need to contact a Florida attorney (need not be in the city/county where her cousin lived) for advice and to answer your specific questions as to how to proceed. Please call if I can answer any further questions.
Frank J. Pyle, Florida Probate Attorney
401 West Colonial Drive, Suite 4
Orlando, Florida 32804
1-800-771-7124
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