Whenever I open a Broward County Probate, and Miami-Dade County as well, where the estate contains liquid assets such as bank accounts, brokerage accounts, or the proceeds from the sale of estate assets, the court will require the cash assets to be placed in a designated depository pursuant to Florida Statute 69.031.
The court restricts the Letters of Administration by stamping language on the Letters which says that a court order must be obtained in order to distribute, sale or otherwise transfer any assets of the estate. In this case, the Florida personal representative must deposit the cash assets of the estate in a bank with the condition that proceeds may not be withdrawn by the personal representative except by express order of the court and then only to the extent set forth in the order. This requirement is generally not required in most other counties in Florida.
When this happens, the court may reduce the size of the bond required for the personal representative or eliminate the need for the bond entirely. However, the Florida personal representative should weigh the costs of obtaining court orders authorizing expenditures from the depository account against the cost of the bond. Often the bond premium will be far less expensive than the cost of repeated application for court orders.
If you have been appointed a personal representative in a Broward County Probate, or Miami-Dade probate, or are interested in finding out more information about this topic, please post a comment to this blog and I will respond with the information you or looking for. Alternatively, you can contact me by email or calling me at (954) 458-8655 and we will be happy to answer your questions. I offer a free initial consultation.