{"id":10818,"date":"2022-11-18T08:45:00","date_gmt":"2022-11-18T08:45:00","guid":{"rendered":"https:\/\/juradolawfirm.com\/?p=10818"},"modified":"2022-11-28T11:08:22","modified_gmt":"2022-11-28T11:08:22","slug":"can-a-bank-release-funds-without-probate-in-florida","status":"publish","type":"post","link":"https:\/\/juradolawfirm.com\/can-a-bank-release-funds-without-probate-in-florida\/","title":{"rendered":"Can a Bank Release Funds Without Probate in Florida?"},"content":{"rendered":"\n

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It is rare to find someone who dies without owning a bank account in Florida<\/a>. A common question is whether the bank can release funds without probate, as the decedent’s loved ones often need the funds to pay funeral costs and other expenses.\u00a0<\/p>\n\n\n\n

Can a bank release funds without probate in Florida<\/a>? Read on to find out.\u00a0\u00a0<\/p>\n\n\n\n

Can a Bank Release Funds Without Probate in Florida? – The Essentials <\/h2>\n\n\n\n

When a Florida resident dies owning a bank account, a decedent’s loved one or the executor named in the last will<\/a> must notify the financial entity responsible for the account. Without proper notice, the bank will assume the account holder is still alive.\u00a0<\/p>\n\n\n\n

Once the bank is notified, the entity will immediately freeze the account. After freezing the account, it is possible to protect the decedent’s remaining funds and preclude anyone from withdrawing any money without authorization. <\/p>\n\n\n\n

The next step will depend on how the decedent’s account was titled and whether the account has designated beneficiaries. <\/p>\n\n\n\n

Probate Assets vs. Non-Probate Assets  <\/h2>\n\n\n\n

If a Florida resident dies owning a bank account solely in his name, it must go through probate. The same rule applies to life insurance policies and brokerage accounts listing the deceased or its estate as beneficiaries. <\/p>\n\n\n\n

During probate, the court will appoint an executor by issuing Letters of Administration. With court-granted authority, the executor can access the decedent’s bank account, withdraw the remaining funds, and transfer them to an escrow account. <\/p>\n\n\n\n

Please note that the estate is responsible for paying all expenses involved in probate administration and settling the decedent’s unpaid debts. If necessary, the executor can use the funds held in escrow to cover these costs. <\/p>\n\n\n\n

Once the executor transfers the money to an escrow account, the bank can close the decedent’s account.  <\/p>\n\n\n\n

Some types of bank accounts do not need to go through probate, allowing the decedent’s loved ones to rapidly access the money. Non-probate bank accounts include: <\/p>\n\n\n\n