Q: Was told the Will did not need to be probated since there are no tangible assets, only money with a co-owner.
My mother (FL resident) recently passed away. She did not own a home or motor vehicle; she only had financial accounts (checking, savings, IRA , Annuity). She had a Will prepared about 15 years ago naming myself and brother (50%) and step-children (50%). However, all her accounts were held in her name jointly with either me, my brother, or one of the step-daughters. My questions: (1) does the Will need to be probated? and (2) are all financial assets to be divided as set forth above, or does the joint owner on each account receive the money in that account?
A:
Unless it can be shown by certain evidence that a joint ownership of an account was intended by the your mother was for convenience only, then each account passes to the co-owner without probate administration. The will only dictates how probate assets are distributed. Probate assets are limited to those assets that are in your mother's name only without a co-owner or without a payable-on-death beneficiary.
If you want to try to claim that any of the accounts were co-owned for convenience only, then you should consult with a probate attorney who specializes in probate litigation.
Phillip William Gunthert agrees with this answer
A: No probate is required if assets are all co-owned (bank accounts) or if they have beneficiary designations (pay on death or transfer on death designations). Only assets in the deceased person's name alone with no beneficiary designations have to go through probate. It is possible that someone could or may try to fight these designations based on mental capacity, undue influence or that the accounts otherwise were not intended to go to a named co-owner, but a legal dispute would have to be pursued and it is likely and uphill battle. Even if you do not open a probate because it is not needed, any Will must be submitted to the clerk of the court for safe keeping and recording (this part is an affirmative obligation). You have no obligation to open a probate whatsoever, other interested parties can if they are so interested or feel assets exist that need to be or should be probated.
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