QUESTION
I have a question about JTROS and wills. .
Asked on Aug 13th, 2015 on Wills and Probate - New York
More details to this question:
My wife has several accounts which list me, her husband, as JTROS. There is no one else who has this designation on these accounts. Recently she has discussed drawing up a separate will in which, should she predecease me, these assets will be distributed equally between the children and me. Does she have a right to do this, or does the JTROS designation require that I inherit these funds?
1 ANSWER
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Hi David,
If the account is set up as joint accounts, then the funds will pass to you by operation of law, without going through the estate (meaning, her Last Will and Testament will not control those assets). She does own half of the assets in the joint account so she may take out the funds and set up a separate account without benficiary designations and distribute that as the way she wants. Hope this helps!
Thanks,
Alice
Answered on Aug 17th, 2015 at 12:20 PM