In Florida, the assets of a deceased person will be distributed in one of four ways, depending on how title was held to the specific assets involved.
If assets (bank accounts, marketable securities, personal property, real property) are owned by the deceased person and another person or persons, with the right of survivorship, then immediately at the death of the deceased person the asset legally transfers to the surviving owner(s) by operation of law.
If an asset has a beneficiary designation (such a life insurance, or retirement plans) or has a payable on death designation (such as bank accounts or certificates of deposit), the asset will be paid directly to the beneficiary who is designated.
If an asset is owned by a trust, it is distributed to the beneficiaries named in the trust document.
If an asset is owned individually by the person who died, the asset will be distributed to the beneficiaries named in the will, if there is a will, and if there is no will the asset will be distributed as provided by the Florida intestacy statute. In either case, it will be necessary to open a probate estate in the Florida probate courts to administer the probate.
If there is no will, the Florida intestacy statute provides the manner in which the assets of the probate estate are to be distributed. You can review the Florida intestacy statute at this site: http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732PartIContentsIndex.html&StatuteYear=2012&Title=%2D%3E2012%2D%3EChapter%20732%2D%3EPart%20I
If a probate is required, you or your sister will need to hire a Florida probate lawyer to assist you with the probate. If there is a will, the will designates who should be appointed as the personal representative. If there is no will, the probate judge will appoint someone as personal representative based on the priority set forth in the probate statutes.
Answered on Aug 28th, 2012 at 1:54 PM