What happens to joint bank accounts in an intestate succession?

In an intestate succession (when someone passes away without a will) in Florida, the law dictates what happens to joint bank accounts. According to the law, the surviving joint account holder is entitled to the entire balance of the joint bank account. This means that if there are multiple joint accounts, the surviving joint account holder will receive the entire balance of each account. The surviving account holder must present proper identification, as well as a certified copy of the death certificate, to the bank that holds the joint account. The bank will then transfer the funds to the surviving account holder. In cases where the deceased account holder was the primary account holder, the bank may require a court order from the Probate Court of the county in which the deceased lived. If the amount is significant enough, the surviving joint account holder may also need to provide proof to the estate that they have withdrawn the funds. This is in order to ensure that the funds are properly distributed amongst any beneficiaries that the estate may have. In any case, the surviving joint account holder cannot withdraw funds from the account until after they have been contacted by the estate and all appropriate documents have been submitted. It is important to follow the probate laws in order to ensure that all funds are properly distributed and to avoid any legal difficulties down the road.

Related FAQs

What happens if one of the heirs is a minor?
How do state laws of intestacy apply to domestic partners?
Is the surviving spouse always entitled to a share of the estate?
How is an intestate estate divided among the surviving heirs?
Can an intestate estate be passed to more than one heir?
How are tangible personal property and real estate handled in an intestate succession?
What is the role of an executor in an intestate estate?
Is there a limit to the amount of inheritance tax due on an intestate estate?
What happens to life insurance proceeds in an intestate succession?
Can an intestate succession be challenged on the basis of undue influence?

What happens to joint bank accounts in an intestate succession?

Related FAQs

Related Blog Posts