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jpao63 · Oct 13, 2009, 06:13 PM

I would like to know if inheretances are public records

JudyKayTee · Oct 13, 2009, 06:48 PM

If you are referring to an inheritance as a result of a Will, yes, they are in every State I know.

ebaines · Oct 14, 2009, 07:52 AM

To augment what JudyKayTee said: the terms of the will are indeed made public, as the estate must be probated through the court. This gives people a chance to review the will's provisions and challenge it if they want, and for creditors of the deceased to make claims against the estate. Also, the deceased may have set up financial accounts with provisions to be transferred directly to a named benficiary outside of the will, and hence outside of probate - in this case there is no public disclosure. This is the case with accounts that have named beneficiaries (such as an IRA, 401(k)s, or a life insurance policy) trusts, assets such as real estate or joint financial accounts that are held in "joint tenancy with rights of survivorship," and any account set up with a "payable on death" provision.

Dancer321 · Oct 22, 2009, 10:36 PM

Originally Posted by ebaines

To augment what JudyKayTee said: the terms of the will are indeed made public, as the estate must be probated through the court. This gives people a chance to review the will's provisions and challenge it if they want, and for creditors of the deceased to make claims against the estate. Also, the deceased may have set up financial accounts with provisions to be transferred directly to a named benficiary outside of the will, and hence outside of probate - in this case there is no public disclosure. This is the case with accounts that have named beneficiaries (such as an IRA, 401(k)s, or a life insurance policy) trusts, assets such as real estate or joint financial accounts that are held in "joint tenancy with rights of survivorship," and any account set up with a "payable on death" provision.

You lost me on the third sentence... can the deceased set up a financial acct for example a nephew that is not in the will but named on the financial acct?

ebaines · Oct 23, 2009, 06:05 AM

Originally Posted by Dancer321

You lost me on the third sentence...can the deceased set up a financial acct for example a nephew that is not in the will but named on the financial acct??

Sure - you can specify that your stock brokerage account (for example) is payble on death to your nephew, and then it doesn't matter what the will says. When you set up your IRA or 410(k) account you are asked to name a beneficiary (or beneficiaries) - if you name your nephew, then the account assets go directly to him upon your death, independent of your will. One advantage of doing this is the transfer doesn't need to wait for the probate process to finish before the assets are transferred - it can happen as soon as a proper death certificate is produced. The danger in it is that after a few years you may forget that you named your nephew as the beneficiary of a particular account, and then mistakenly believe that your will specifies who gets what when you die. Suppose some time after you set up this account you have a child and endeavor to name the child as the sole beneficiary of your assets - if you don't change the beneficiary on that account the newphew will still get the assets, regardless of what your will may say. Hence it's good practice to regularly review the named beneficiaries on all your accounts.

Dancer321 · Oct 23, 2009, 06:45 AM

So, unless the persons name is in the will, there is no way to ever find out whether they received any inheritance at all of any kind?

D

ebaines · Oct 23, 2009, 06:52 AM

Originally Posted by Dancer321

so, unless the persons name is in the will, there is no way to ever find out whether they received any inheritance at all of any kind?

D

Correct - not without asking them.

Dancer321 · Oct 23, 2009, 06:57 AM

Now unrelated... when a will and trust are written up in one state and we move to another state, do we have to change them. And do you per chance have a recommended Will attorney in NE Florida area, anywhere from Orlando to the south and Palm Coast to the North?

Thanks,
D

ebaines · Oct 23, 2009, 07:43 AM

It is not required to update wills and trusts when you move, but it is highly recommended, as there are many details in estate law and tax consequences that vary from state-to-state. Also, depending on how the trust document is worded - it may actually require the beneficiaries to work through a trustee in your former state, which is probably not what you want.

I do not have a recommendation for an estate attorney. Perhaps if you posted in the Law section someone could help you out.

JudyKayTee · Oct 23, 2009, 08:28 AM

Originally Posted by Dancer321

now unrelated.....when a will and trust are written up in one state and we move to another state, do we have to change them. And do you per chance have a recommended Will attorney in NE Florida area, anywhere from Orlando to the south and Palm Coast to the North?

thanks,
D

The site does not allow referrals to specific professions - contact the Bar Association in the area you have mentioned and asked for someone who specializes.

twinkiedooter · Oct 24, 2009, 02:51 PM

Good idea to have the wills drawn up in the new state, especially Florida. Florida requires wills be notarized with 2 independent witnesses. Some states do not require the notarization of wills. If the person is going to reside in Florida for a long time, I definitely would recommend getting them redone. Even if they are the same word for word wills with no changes, it's still a good idea to have them redone and notarized.