Dear Quentin, My dad died in September In Pennsylvania and my stepmother “Laura” insists there is no will and no estate, but then she texted to say that my father wanted me to inherit an account that listed my mom as beneficiary. The insurance company told me this account was valued at $80,000 and it would need to go to probate.
I’m under the impression that estates in Florida valued at over $75,000 are required to go through probate, and I’m wondering if my stepmother is legally allowed to just take an account that listed my mom as beneficiary that my father told her was meant for me? Isn’t probate required for anything over $75,000 in Florida?
The information you received from your stepmother is confusing. Estate law varies by state, but if a beneficiary dies those payments are generally passed onto a contingent beneficiary. That would have been you had your father added your name to the beneficiary designation, but he did not do that. Generally, in cases such as this, the money would be returned to the estate, and distributed accordingly.
You can email The Moneyist with any financial and ethical questions at qfottrell@marketwatch.com, and follow Quentin Fottrell on Twitter.