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View Full Version : Will vs joint tenancy


Arley-Dee
Jul 18, 2009, 05:51 PM
If all my property is in joint tenancy and I have no minor children, do I still need a will?

ScottGem
Jul 18, 2009, 06:06 PM
No

Fr_Chuck
Jul 18, 2009, 07:42 PM
If all checking and savings account, if all houses, cars and other items are owned jointly, not as much.

Also all insurance policies, car and home have to be in joint names

ScottGem
Jul 18, 2009, 08:15 PM
Also all insurance policies, Insurance policies just need to list the other party as beneficiary.

Fr_Chuck
Jul 18, 2009, 08:20 PM
I was referring to car and house insurance, once the other person becomes the owner, if they are not under the other policy they have to get a new one, and the refund premium goes to the "estate of"

Believe me, I just went though this, I though we had it all fixed so there was no "estate funds" when my mom died.

We missed the car insurance refund, and a 50 dollar deposit into a checking account that Regions Bank required for a person to have a CD in their bank.

And I believe we have a issue with refund check from the medicare suppliment that was cancelled upon her death.

So there is almost no way not to end up with at least some money in an "estate account"

Now the problem is, do you do probate for 400 or 500 dollars. When the cost of probate may actually cost more than the money.