Community Property Law

[hmr0128]

What is the name of your state? Kentucky

If I have a joint with rights of ownership (JTWROS) account with a sibling of assets that were gifted by our father, what will happen if either my brother or myself dies? Background: I know that if I am married and hold assets jointly with a non-spouse, then I must prove that I put forth half of the monies used to fund the asset in order for only half of the value of the asset to go towards my siblings estate, but what if the sibling is married and wants all of the value of the asset to pass directly to me?

 

[LdiJ]

What is the name of your state? Kentucky

If I have a joint with rights of ownership (JTWROS) account with a sibling of assets that were gifted by our father, what will happen if either my brother or myself dies? Background: I know that if I am married and hold assets jointly with a non-spouse, then I must prove that I put forth half of the monies used to fund the asset in order for only half of the value of the asset to go towards my siblings estate, but what if the sibling is married and wants all of the value of the asset to pass directly to me?

Joint accounts automatically pass outside of the estate. Therefore if something happens to your brother its all yours, and if something happens to you its all his. Perhaps you should consider splitting the asset to protect both of your families.

 

[hmr0128]

Actually, they are included in the estate, just do not go through probate. My question arises since there are 2 different types of jointly-held accounts: tenants-in-common and rights-of-ownership. If one of the rights-of-ownership account holders is married to someone other that the other account holder, is the asset included in the estate and pass through to the spouse, or is it included in the estate and then pass directly to the other non-spouse account holder? Thanks so much for you help.