question on will

[krystl5003]

What is the name of your state (only U.S. law) florida

This may seem like an ignorant question however I am not sure of the procedures involved and would like some basic information.

My wife and I care for my grandmother. Her will is very simple and we are the only ones who have a copy of it. Everything in her estate will go to my wife and it makes mention that nothing is left to either me, my father or a niece. So my question is this....when she passes, what exactly do we do at that point. I apologize for such a basic question on this forum however I have never had any experience with this sort of thing before and would like to understand better beforehand what we must do, when we must do it and generally how long it will take for my wife to get possesion of her estate. If this helps the estate(mostly stocks and investments) are worth about 100K presently. Any information would be greatly appreciated

 

[anteater]

Well... First thing is to make certain that someone (best is the nominated personal representative) knows where the original of the will is stored. I believe that Florida allows for the admission of a will copy, but, understandably, the court sets a high standard of proof to do so.

Trying to describe what should happen is a bit much for an discussion forum like this. Do a search with terms like "Florida probate" and you will get numerous sites that will give you some introductory material. For example:

http://www.floridabar.org/tfb/tfbconsum.nsf/48e76203493b82ad852567090070c9b9/92f75229484644c985256b2f006c5a7a?opendocument

In addition, your local public library will probably have a shelf-full of books about the probate process.

Just a couple things:

1) Figure maybe 6 - 9 months if there are no complicated issues.

2) Florida is one of the few states that requires that the personal representative retain an attorney if the value of the estate is greater than $75,000. If the value of the estate is less than $75,000, there is an alternative process available, Summary Administration, that is quicker and less formal than full probate proceedings.

 

[krystl5003]

Thank you for your reply. My wife is the personal rep and we have possesion of the original will. So being that the estate is over $75,000 she must hire an attorney? Grandma is now 105 years old and again the will simply leaves everything to my wife and nothing to specified people(my father or her niece)

It really takes 6-9 months before my wife takes possesion of the estate? Wow, why so long? Thanks

 

[anteater]

So being that the estate is over $75,000 she must hire an attorney?

I can't lay my hands on it right now, but the statute reads something like:

Unless the personal representative is the sole interested party, the personal representative must be represented by an attorney.

The kicker is that it does not say "the sole beneficiary." It says "the sole interested party." "Interested party" casts a much wider net than just beneficiaries. When the time comes, your wife can see if the court will allow her to dispense with retention of an attorney, but, from what I understand about Florida, it is probably a long shot.

It really takes 6-9 months before my wife takes possesion of the estate? Wow, why so long?

If the estate is not complicated and there is no real estate, maybe a couple months can be shaved from that. But creditors have 3 months from the date of notification to file claims against the estate. And it is unwise for a personal representative to distribute any assets from the estate until the creditor claim period has ended.

 

[krystl5003]

Thank you so much for your responses and the helpfull information. The will is very simple and there is no real estate or possesions involved, just investment accounts. My wife will get everything and nobody else is named to get anything. One possible issue that I hadn't thought of before is last year we didnt file a 1040 for her. When she passes, and IRS becomes involved I assume that a retro 1040 will have to be filed(previously this was done by her accountant and she never owed more than a few hundred dollars)

Will IRS require that the back 1040 be filed and any taxes paid on her behalf? If so, will there be penalties and interest(I assume so) and if so, would they be substantial on a few hundred dollars?

 

[anteater]

One possible issue that I hadn't thought of before is last year we didnt file a 1040 for her.

Why not just get it cleared up now?

 

[OHRoadwarrior]

Investment accounts can name your wife as sole beneficiary. This can possibly eliminate the need for probate.

 

[Kiawah]

Don't start planning on what you're going to do with the money....

Grandmother could become ill, spend a number of months in hospitals and nursing homes, and consume the better part if not all of her remaining investments.

The validity of the will could potentially also be challenged.