Q: File will if the only asset is a joint bank account?
Unfortunately my grandmother just passed and I’m helping my mother in getting everything organized. My grandmother has a will requesting her assets be split between her 3 children. The only assets she had when she passed is a checking account that my mom is joint owner on and some personal items that are not worth much as she lived in an assisted care facility.
My understanding is that a joint bank account supersedes a will, however, my mom still plans to carry out my grandmother’s will and split the remaining balance in the bank account per her wishes. Do we still need to file the will with the county and if so will that trigger probate even though my grandmother had no assets that were in her own individual name? Thank you for any advice.
A: I am very sorry for your loss on the passing of your grandmother, please accept my condolences for you and your family at this sad and difficult time. The answer to your question is generally no, if there are no assets in your grandmother's name alone, then no probate will be necessary, probate is a choice, there is no obligation ever to undertake a probate as that can always fall to any interested party. The only requirement is that you submit the Will to the clerk of the court in the county where your grandmother was a resident, but no probate is commenced or required as a result of this action. While Florida Statue states that the Will must be submitted to clerk within 10 days, no one ever hods you to this timeline. You are also correct that joint ownership supersedes what the Will states. Depending on the sum in the account, your mom may need to complete a gift tax form, (no tax consequence usually in most instances, but a paperwork tracking type scenario, check with your tax preparer). The only other area that is usually of concern is if there is a surviving spouse and or there is Homestead.
Terrence H Thorgaard and Marc J. Soss agree with this answer
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A: Putting the will on deposit with the clerk of court does not start a probate proceeding. It is just a means to safekeep the will in case an estate needs to be opened in the future.
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