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Is probate required for a bank to release funds in Florida?

On Behalf of | Dec 3, 2024 | Probate

Managing an estate after the passing of a loved one is a responsibility that comes with many tasks, including managing funds and paying off the debts of the estate. A failure to do so within the rules can result in unnecessary loss of funds, wasted time, and serious penalties. It is important to gather information for each step and move forward wisely.

One of the first steps often involves gathering funds from bank accounts. Whether or not an individual can access these funds will depend on many factors. The following will provide some foundational information to help you begin to understand the process.

When is probate necessary to access funds held in a bank account?

Probate is the legal process for distribution of assets after death. In Florida, whether probate is needed to release bank funds depends on:

  • Account titling: If the account is jointly owned or designated as “Transfer on Death” (TOD), probate may not be necessary.
  • Beneficiary designation: If the account includes a beneficiary designation the asset can transfer to the named individual(s) without probate.
  • Total estate value: Florida law provides a simplified process without probate for smaller estates.

It is important to note that the presence of a will does not exempt an estate from probate but directs the distribution according to the deceased’s wishes.

How can I access funds without full probate?

For smaller estates or when specific conditions are met, accessing funds without undergoing a full probate process might be possible. Florida law provides for alternative procedures for small estates and those with certain types of assets. It is important to obtain death certificates, proof of account ownership, and any will or estate plan documents to move forward with this process. The person making the request would then need to provide the necessary documents and fill out any forms required by the bank to release the funds.

Understanding the specifics of Florida’s probate requirements can save time and reduce stress during the already challenging period following a loved one’s death. In many cases, especially for smaller estates or those with clear beneficiary designations, full probate may not be necessary to release bank funds. The rules that guide the process can change. It is important to stay up to date on any changes that could impact your situation. An attorney experienced in this area of law can review your situation and provide further guidance tailored to your needs.