Names on property vs Will

[beckele]

Michigan
My father had placed his home, bank accounts, and all investments (IRA & annuities) in my 1 sisters name, who also happens to be the executor. He has a Will that splits everything between us three girls. His thought process of putting my sister on everything was to make it more "simple", not burden everyone and when he travels she can pay his bills.
My question is, if he passes away, since her name is on everything, does his Will even have any legal matter or does she just basically become the sole owner of everything since its just his and her name on everything and us other sisters basically just get left out? We live in Michigan.

 

[curb1]

You had better make your relationship with sister very good. I can see a cat fight in the future.

 

[justalayman]

r or does she just basically become the sole owner of everything

based on what you have said, she already is the sole owner of the home and if she as co-owner of the other accounts and ownership is as a joint owner, she will be sole owner of all of them as well.

 

[nextwife]

Why do people do this stuff? If he wanted you all to split everything, he never should have added one owner to the assets.

The will would only affect what the estate controls, and anything that passes OUTSIDE probate is not part of the estate.

 

[curb1]

You need to have a good talk with father. Maybe he wants to have sister have everything. If that is the case there is not much you can do. If you wait until father dies you will have family problems. Would father want that?

 

[justalayman]

You need to have a good talk with father. Maybe he wants to have sister have everything. If that is the case there is not much you can do. If you wait until father dies you will have family problems. Would father want that?

it may be too late for some of the stuff if sis doesn't want to relinquish ownership. If title to the home has already been changed, it cannot be changed back unless sis agrees. Depending on what he did with the accounts, it could be a similar situation. If she is listed as bene of a TOD account, then dad can still change it.