Joint accts. and a will

[buckspc]

My aunt whom lives in Tennessee has two accts. with me, her nephew, as the the other person on one acct. and one the other acct. she has never told me who she has on. I am the exct. of her estate. These two accts. are 100k each and compose her total assets except for car, and personal belongings. I also have her will in which she leaves about 50k to different people. Does this will have to be probated if I am the joint owner of the accts. I signed a bank paper for one of the accts. as the joint owner and she never mentioned the other acct. except to say she had it. Can anyone tell me what to do in my situation when she passes as she has heart trouble and is in her 80s. I live in California and I do stay in contact with her but I would never ask her anything about her money except what she tells. I would be glad to dis. the money as she wishes if it is up to me. How would I get the bank to turn over the money to me and what about taxes for me? Thanks for any help or advise, buckspc

 

[ALawyer]

First, she is still alive.

Assets held in joint name with right of survivorship pass directly to the surviving joint owner, and do NOT pass under the Will. (That there are 2 names on the account does not necessarily mean it is joint tenancy w/r/o/s however.) Usually the bank forks it over, and with only $200,000 it is very doubtful there is any estate tax (absent MAJOR lifetime gifts).

If the other joint tenant dies first, then she'd be sole owner and the assets would pass per the Will.