Joint Accounts

Mother passed away 11/99 in Ca. She left a will specifying how assets were to be divided. There were 4 children, but one sister died in 1998. All accounts, stocks, CD's etc. were joint with one, 2, 3 or the 4 of us. She had some stocks only in her name. The attorney is trying to put the joint stocks with us and our deceased sister in the probate. My question is: Aren't joint accounts just that? They belong to the joint tenants and are divided as registered. I thought only assets in the deceased name and no others went into probate. The attorney will receive double the amount for fees by doing this. Also there were 2 bank accounts left with ATF for my sister and myself. What does the ATF do for distribution and relating to probate?

If the assets were held jointly, they pass to the surving joint owners as a matter of law and you are right, why is he submitting them to probate (unless there is a chance the placing them in joint ownership could be challenged)? They are subject to Federal etsate tax however, and they are all added together for that purpose. Some lawyer base they fee on the total estate not just the probate estate.

By ATF do you mean Account in Trust For?

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This is intended as general information only and NOT LEGAL ADVICE. You are not my client, and I have no obligation of any kind to you. To retain a lawyer, go to http://AttorneyPages.com

If the assets were held jointly, they pass to the surving joint owners as a matter of law and you are right, why is he submitting them to probate (unless there is a chance the placing them in joint ownership could be challenged)? They are subject to Federal etsate tax however, and they are all added together for that purpose. Some lawyer base they fee on the total estate not just the probate estate.

By ATF do you mean Account in Trust For?

------------------
This is intended as general information only and NOT LEGAL ADVICE. You are not my client, and I have no obligation of any kind to you. To retain a lawyer, go to http://AttorneyPages.com

Thank you for your information regarding the joint accounts. The ATF is on a CD, money market account and also an escalator account. I am assuming that it is As Trustee For. The accounts were in my mom's name with the ATF then our names.