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Clifton Mustang

Junior Member
What is the name of your state (only U.S. law)? Maryland
My wife's mother recently passed away. She was listed on nearly all of my father in law bank accounts, treasury bills, etc. My father in law wants to be sure that there are two people listed on the accounts going forward. He wants to add my wife's brother on all of the accounts. He says that he will then state in his will that those funds be distributed equally between both my wife and her brother. My quesitons are:
1) Is there a benefit to having 2 people on every account?
2) Will my father in law be able to split the funds in those accounts between his children, even if he has listed his son as a co-owner of the accounts?

Thanks
 


Kiawah

Senior Member
Not if the son is then the owner of the account, when he passes.

Have him put half joint with the daughter, half joint with the son.

If they were titled solely in his name only, then they would be part of the estate and pass as per the will.

Do an internet search and read up on JTWROS (Joint Tenants with right of surviorship)
 
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justalayman

Senior Member
a will cannot control money that becomes the property of another at the owners death if that transfer is via POD, TOD, or joint account holder. It will become property of the named party and they will have no requirement to give any of it to anybody.

In other words, in the situation he is proposing, son will get all the money and not requirement to spread any of it to anybody regardless what the will states.
 

Dandy Don

Senior Member
If your father has questions about whether the intent of his designations will be carried out and how to do it correctly, he needs to consult with a certified estate planner but of course he might not choose that option because it might cost him a fee to do so. He will leave it as it is now and the result is that everything will be messed up. Obviously he has not consulted with a probate attorney to help draft his will correctly.
 

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