Expert Advice When You Need It Most

My parents estate is over 300,000... Is that why it has to go to probate? The estate if Florida

Asked over 2 years ago - Cleveland, OH
Estate Planning Parenting Plans Probate

No property. The estate consists of Life Insurance Policies, Annuities, IRA's and Mutual Funds. There was a will clearly stating divided among the remaining children. I have the estate account and the letters of Administration. Does it still have to go to probate?

Save

Attorney answers (3)

Reputation Level 10
Answered over 2 years ago. Estate Planning Attorney in Long Grove, IL.
Typically, if all of the assets are beneficiary designated, probate is not necessary. This does not absolve the beneficiaries from paying taxes which may become due as a result of their taking of the property.
Add comment

Reputation Level 14
Answered over 2 years ago. Probate Attorney in Columbus, OH.
It is not the size of the estate but the type of property that determines whether an estate needs to go to probate.
Add comment

Reputation Level 8
Answered over 2 years ago. Probate Attorney in Boca Raton, FL.
In Florida, life insurance policies, annuities, IRAs and Mutual Funds that had beneficiary designations do not need to be probated.
Mindy Stein PA
Add comment

Related Questions

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 
Ask now

Find Elder Law Lawyers