Designation of Joint Accounts assets

[boblink1]

Hello, my wife and I live in Georgia and my question is, can I designate in my Living Will that if my wife survives me that 50% of the assets that are in our jointly held (i.e. house, bank accounts, stocks,..) be designated to Support Trust for my wife?

Something like this:
Distribution of Trust Assets Following Grantor’s Death – Upon the death of the Grantor, the Successor Trustee shall promptly distribute 50% of joint property held by the Grantor and the Grantor’s wife to the Grantor’s wife as a Support Trust as set forth in Section 4.2.2.1. Support Trust for Grantor’s Wife and ONE HUNDRED (100%) of the Trust Estate to the Grantor’s beneficiaries as set forth in Section 4.2.2.2. Distribution and Disbursement to Beneficiaries.

or do joint assets automatically transfer to the surviving spouse upon the other spouses death?

Thank you

Bob

 

[LdiJ]

Hello, my wife and I live in Georgia and my question is, can I designate in my Living Will that if my wife survives me that 50% of the assets that are in our jointly held (i.e. house, bank accounts, stocks,..) be designated to Support Trust for my wife?

Something like this:
Distribution of Trust Assets Following Grantor’s Death – Upon the death of the Grantor, the Successor Trustee shall promptly distribute 50% of joint property held by the Grantor and the Grantor’s wife to the Grantor’s wife as a Support Trust as set forth in Section 4.2.2.1. Support Trust for Grantor’s Wife and ONE HUNDRED (100%) of the Trust Estate to the Grantor’s beneficiaries as set forth in Section 4.2.2.2. Distribution and Disbursement to Beneficiaries.

or do joint assets automatically transfer to the surviving spouse upon the other spouses death?

Thank you

Bob

Most joint assets automatically transfer to the surviving spouse upon the other spouse's death. You could designate separate assets to go into a trust for your wife, or you and your wife jointly could fund a trust, but otherwise anything you jointly own is going to pass to her and vice versa.

 

[Dandy Don]

Will this be a revocable trust or an irrevocable trust?

 

[boblink1]

Thank you LdiJ,
I have a follow-up to your comment "You could designate separate assets to go into a trust for your wife". Can I use something like "Upon the death of the Grantor, 50% of the funds held in our joint check, saving and money market accounts shall promptly be placed in a Support Trust for the Grantor's wife as set forth in Section 4.2.2.1. Support Trust for Grantor’s Wife and ONE HUNDRED (100%) of the Trust Estate to the Grantor’s beneficiaries as set forth in Section 4.2.2.2. Distribution and Disbursement to Beneficiaries" or as you previously advised, everything jointly owned will pass to my wife?
Thank you again for your help
Bob.

 

[boblink1]

It will be a Revocable Trust Dandy Don (Meredith, haven't heard that name in awhile)

 

[LdiJ]

Thank you LdiJ,
I have a follow-up to your comment "You could designate separate assets to go into a trust for your wife". Can I use something like "Upon the death of the Grantor, 50% of the funds held in our joint check, saving and money market accounts shall promptly be placed in a Support Trust for the Grantor's wife as set forth in Section 4.2.2.1. Support Trust for Grantor’s Wife and ONE HUNDRED (100%) of the Trust Estate to the Grantor’s beneficiaries as set forth in Section 4.2.2.2. Distribution and Disbursement to Beneficiaries" or as you previously advised, everything jointly owned will pass to my wife?
Thank you again for your help
Bob.

I don't see how. Upon your death the assets would automatically be her sole property and vice versa. I suppose that you could separate all of the assets so that they were no longer joint, and then fund a trust with your share.

What is it that you are actually trying to do here? It might be easier to give you advice if we knew why you are asking this question.

 

[t74]

Is this a situation where you (or your wife) have children from a prior relationship who you wish to receive the residual of your assets after your wife dies? If so or any similar situation, you really need to seek assistance of an estate attorney to construct an estate plan.

 

[boblink1]

My intentions is to limit the assets that will be available to my wife's children if I pass first

 

[Zigner]

If they are JOINT assets then no, your directions would not be valid. Why? Because your trust won't control 50% of the asset.

Since you are trying to make sure your wife gets everything, why not just do that? You really can't reach back from the grave...

 

[boblink1]

If my wife "gets everything" that is in joint names which is the case at the moment, her children will then "get everything" less what she spends from the time that I die to the time that she dies, which is what I am trying to avoid. For information purposes, I have trust accounts that (mostly) charities as beneficiaries and am looking for a way to replicate this for joint assets

 

[PayrollHRGuy]

You don't seem to be getting it. All of that jointly owned property is your wife's now.

If she doesn't want her kids to get her property when she dies she needs to have a will made.

 

[LdiJ]

If my wife "gets everything" that is in joint names which is the case at the moment, her children will then "get everything" less what she spends from the time that I die to the time that she dies, which is what I am trying to avoid. For information purposes, I have trust accounts that (mostly) charities as beneficiaries and am looking for a way to replicate this for joint assets

What if you die before your wife does? Do you intend to include her children in any inheritance if that happens?

 

[Zigner]

What if you die before your wife does? Do you intend to include her children in any inheritance if that happens?

Did you mean what if the wife dies first?

 

[LdiJ]

Did you mean what if the wife dies first?

Yes, that is what I meant to say. I can't believe I did that.

 

[t74]

Even if she changes her will before you die, she can change it again after you do.

Your mistake was not keeping your assets separate where possible. You really need an attorney!!!