Legal question regarding inheritance-?

Question

Let's say my grandfather is worth $1,000,000 in cash and assets. He has no will (and will not make one) and my grandmother's name is attached to all the bank accounts and property.

He has no intentions on leaving anything to his two children and it is my concern that they could bring my grandmother to court and sure her for a large amount of money. Is that possible? Do they have a legal claim on my grandfather's money after he dies if my grandmother is a joint account holder and still living? Thanks.

We are in the state of Florida

Answer 1

If your grandmother is a joint account holder, then when he dies she would get everything. After that, it is up to her to decide what to do with it, and whether to will it to her children or someone else. For more details you should ask an estate lawyer in your area.

Answer 2

It depends upon how the bank accounts and other assets are titled, meaning who are the listed owners and how that ownership is held. There is no way to answer your question precisely without knowing that information, other than saying the intestate succession provisions of sections 732.101-106, Florida Statutes, will apply to the estate. However, I can tell you this:

1. If the deed to your grandparents' house simply says it is owned by "Grandpa and Grandma," then there is an assumption it is held as a "tenancy by the entireties," and becomes your grandmother's automatically - it is not part of the probate estate that is divided among the heirs. If the deed has other language about ownership, then it may or may not be part of the estate.

2. If your grandfather has life insurance, that also passes to the person he names as beneficiary outside the probate estate automatically - UNLESS he named his estate as the beneficiary, then it it divided up among the heirs.

3. Financial accounts often have designated beneficiaries - the people who will inherit the account. If so, those accounts also pass outside of probate.

4. The best gift a person can give his family is an estate plan. An estate plan is not just a will, it includes many other documents that will control how your grandfather's estate and possibly his last days alive will be governed. If your grandfather goes into a coma, he cannot be taken off life support unless he executed a "health care directive" prior to entering the coma. Estate planning can help reduce or avoid entirely the federal estate tax. Without it, the federal government will take a huge peice of the estate before anyone else gets anything. Talk to your grandfather about an estate plan. It avoids family fighting after someone dies. It avoids him suffering a long death. It avoids the people who love him watching him die slowly. It ensures his assets are distributed the way he wants. It is a couple thousand dollars up front, but it saves tens or hundreds of thousands of dollars later.

Answer 3

They really should see a lawyer to cover all the bases, but in general sibling are not entitled to any inheritance from their parents, there is an exception if the child is under 18 then the parent does have a legal obligation to support the child until age of majority

But if your grandparents have joint title to the assets. Bank accounts, titled to land then when your grandfather passes away everything should not go to probate but directly to her assuming joint title

Now your grandmother needs to fill out a will right away, for when your grandfather passes away something would happen to grandmother before she made out a will, the assets by state law would legally pass to their children only and not to any grandchildren

Answer 4

Regardless of what state you're in, if the account is a joint account, then the dead person's share of the account goes to the surviving joint owner. The only exception is if the joint owners set up some sort of written beneficiary agreement when the account was opened, in which case a certain portion will go to the named beneficiaries.

And, in every state, when property is owned in joint tenancy, the dead owner's share goes to the surviving joint tenant.

However, if both your grandmother and grandfather die, and neither leaves a will, their two children will inherit everything under Florida law.

Answer 5

Now this varies from state to state a bit when a person dies intestate (without a will) there are laws that regulate to whom the money goes to.

Now MOST of the time the spouse or common law partner would get everything, then it goes by blood kinship. The children would have no claim in this case UNLESS they were dependant on the father (ie under the age of 18 or physically or mentally unable to support themselves).

The children could bring an action in court, but it is unlikely they would win, just cause everybody stress and make some lawyers alot of money.

Answer 6

In some states if a person dies without a will their spouse automatically inherits everything, but that’s not the case in FL. In FL the first $60,000 of the estate and one-half of the remaining estate goes to the spouse. The remainder goes to the children.

Just because her name is jointly listed on property, bank accounts, etc does NOT mean she will automatically receive those items. For example, unless a bank account is a ‘payable on death’ account, she’s not entitled to all the funds. Unless property is titled as ‘joint tenancy with right of survivorship’ she won’t automatically receive the property.

She needs to talk to a local attorney. And Grandpa needs to know that if he fails to make a will, then his children may very well end up with a portion of the estate.

Here’s a link to the FL statutes that deal with probate.

http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=Ch0732/titl0732.htm&StatuteYear=2007&Title=%2D%3E2007%2D%3EChapter%20732

Answer 7

Your grandmother has the interest in the money before anyone in the family does, especially since she is on the accounts.

Answer 8

Inheritance is dictated by state law. No one can answer this quiestion correctly without knowing the laws of descent and distribution in your particular state.

Answer 9

i could could study the right language in the want...did it (a) actual require that a definite share of the valuables pass directly to you little ones, (b) say that a definite share became to be held in believe via your dad for you, (c) say that the valuables went on your dad and uncle and he or she *was hoping* and *meant* that they could share the inheritance, or some thing else altogether? impossible to respond to devoid of examining the want and understanding the regulation of the state the place your grandmother lived.

Answer 10

No, they don't. But tell Grandma she needs an attorney just in case they try something.