{"id":7445,"date":"2022-11-02T08:45:00","date_gmt":"2022-11-02T12:45:00","guid":{"rendered":"https:\/\/yourfloridaprobatelawyer.com\/?p=7445"},"modified":"2022-08-19T09:28:47","modified_gmt":"2022-08-19T13:28:47","slug":"what-happens-to-florida-bank-accounts-with-no-beneficiary","status":"publish","type":"post","link":"https:\/\/yourfloridaprobatelawyer.com\/what-happens-to-florida-bank-accounts-with-no-beneficiary\/","title":{"rendered":"What Happens to Florida Bank Accounts with no Beneficiary?"},"content":{"rendered":"\n

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All assets owned solely in a deceased person’s name cannot be distributed directly to the individuals listed in the will. Before distribution is due, the assets must go through court-supervised administration. <\/p>\n\n\n\n

What happens to bank accounts<\/a> with no beneficiary in Florida? Are these assets subject to probate<\/a>? Read on to find out.\u00a0<\/p>\n\n\n\n

What Happens to Florida Bank Accounts with no Beneficiary? – The Verdict <\/h2>\n\n\n\n

Whether a deceased person’s bank account must go through probate depend on how the asset was titled at the time of death. If the bank account holder died without designating beneficiaries or jointly holding the account with someone else, the account is subject to probate in Florida. <\/p>\n\n\n\n

It is possible to anticipate what will happen to a Florida bank account upon the owner’s passing.  <\/p>\n\n\n\n

The first step is to verify whether the decedent was the sole owner of the account. Bank accounts listing only the decedent or the estate as beneficiaries are part of the probate estate. <\/p>\n\n\n\n

If the decedent died with a will, the account must through summary administration<\/a> or formal administration<\/a>.\u00a0\u00a0<\/p>\n\n\n\n

Dying without a will exposes the assets subject to probate to the state laws of intestacy. In such cases, the court is responsible for the division and distribution of the decedent’s assets (including bank accounts) based on a statutory order of preference. <\/p>\n\n\n\n

A solid estate plan<\/a> can help bank account holders to have full control over their banking assets upon death and ensure they will be passed to the persons chosen as beneficiaries.\u00a0 Without an estate plan<\/a>, banking assets may be distributed following a default statutory order and not the decedent’s wishes.\u00a0\u00a0<\/p>\n\n\n\n

Beneficiary Designations vs. Florida Probate – Is it Possible to Avoid Court-Supervised Administration Upon Death?  <\/h2>\n\n\n\n

When someone dies owning a bank account with designated beneficiaries, the account will pass directly to the chosen persons. This way, the inheritance rights of the individuals listed as beneficiaries do not depend on: <\/p>\n\n\n\n