Does a will give access to bank accounts?

 A will can give access to a bank account unless that account has a joint owner or a pay-on-death beneficiary.

If the sole owner of a bank account dies, then the account will pass according to the terms of the owner’s will. This means that the account will have to go through the probate process before the money can be given to the new owner. However, different rules apply if the account has another owner.

Does a will give access to joint bank accounts?

A will does not give access to a joint bank account with a right of survivorship.

If bank account is joint, the presumption in Florida law is that the account with multiple owners has a right of survivorship unless it is explicitly stated otherwise in the account contract, agreement, or signature card.[1] This means that the surviving joint owner owns the entire account after one owner dies. This process takes place without the involvement of the probate court and is not governed by the will. Indeed, even if a will states what to do with the bank account, the right of survivorship with override that will.

The presumption of the right of survivorship can only be overcome by proving fraud, undue influence, or clear and convincing evidence of a contrary intent.[2] However, proving any of these is difficult. Proving contrary intent is particularly difficult unless there is a clear statement by the decedent or other evidence based upon testimony from the attorney who prepared the deceased’s estate planning documents, a bank employee, or a person with special knowledge regarding the decedent’s estate plan.[3]

Does a will give access to pay-on-death accounts?

A will does not give access to a pay-on-death bank account with a listed beneficiary.

Pay-on-death accounts are allowed in Florida.[4] Unlike the Florida statute for joint bank accounts, the statute governing pay-on-death accounts provides no means for overcoming the presumption of ownership. However, case law indicates that proof of undue influence can overcome a pay-on-death beneficiary designation.[5] If undue influence is proven, the account would be probated with the rest of the estate and subject to a will. Undue influence here means that the individual did not willingly or intentionally designate the beneficiary; rather the action was the result of another person’s wrongful influence. But absent sufficient proof of undue influence, the account will not be subject to the will.

Does a will give access to bank accounts held in trust?

No, a will does not give access to bank accounts held in trust.

If the bank account is in trust, then the owner of the account is not the deceased individual; rather, the owner is the trust itself. This means that the bank account will pass according to the terms of the trust, which retains control even after the death.

The one exception here would be if a trust terminated at the death of the grantor resulting in all assets being passed back into the grantor’s estate. But this is an extremely rare occurrence. Indeed, most living revocable trusts are set up with the intent of surviving the grantor’s death.

Sources

[1] Fla. Stat. 655.79.

[2] Fla. Stat. 655.79(2).

[3] In re Estate of Combee, 601 So. 2d 1165 (Fla. 1992).

[4] Fla. Stat. 655.82.

[5] In re Estate of Kester v. Rocco, 117 So. 3d 1196, 1200 (Fla. 1st DCA 2013).