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    jammy23's Avatar
    jammy23 Posts: 545, Reputation: 0
    Senior Member
     
    #1

    May 23, 2017, 02:07 PM
    Will vs joint accounts
    My domestic partner left me her IRA. Her will says all other money goes
    To her son and grandkids.

    We have a joint savings and checking account. If something happens to her,
    Do I lose that money?
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
    current pert
     
    #2

    May 23, 2017, 03:22 PM
    Read the whole page. What Happens to Bank Accounts at Your Death | Nolo.com

    Joint accounts are dangerous. People have fights, break up, clean them out....
    Even when I was married I had my own money.
    Your choice.
    As for the IRA, always know how to find it. It can be difficult if they get moved around.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,292, Reputation: 7691
    Expert
     
    #3

    May 23, 2017, 05:07 PM
    And it is also, how the joint account is worded. If there is a lot, use an estate attorney to help plan.
    jammy23's Avatar
    jammy23 Posts: 545, Reputation: 0
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    #4

    May 24, 2017, 07:27 AM
    There is actually very little in the accounts... but I was just wondering if someone
    Else is named in the will , how does that affect the joint accounts
    ScottGem's Avatar
    ScottGem Posts: 64,970, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #5

    May 24, 2017, 11:23 AM
    Depends on whether the accounts are Joint or joint with right of survivorship. If the latter, then you get the balance. If the former, then half the balance goes to the heirs. For you to get the IRA you need to be named as the beneficiary. Otherwise it goes into the estate and subject to probate, a will and taxation.
    jammy23's Avatar
    jammy23 Posts: 545, Reputation: 0
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    #6

    May 24, 2017, 04:31 PM
    Thank you for getting back to me... I am named as beneficiary
    ebaines's Avatar
    ebaines Posts: 12,130, Reputation: 1307
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    #7

    May 25, 2017, 09:43 AM
    Almost all joint accounts set up with banks - such as checking and savings accounts - are set up as Joint Tenants with Rights of Survivorship, or JTWROS for short. You can check with the bank to make sure, but accounts set up as "Tenants in Common" (which is what ScottGem was referring to) are rare. Under the JTWROS account both parties are joint owners of all the assets - either party can withdraw and use the money as he or she wishes without the other's permission, and when one party dies the account becomes sole ownership of the surviving party. This transfer of account occurs outside of the will - so even if the will says "all assets are to pass to my son" that directive does not apply to the JTWROS account. And also any account that has a beneficiary named, such as an IRA, passes to the named beneficiary outside the will. So again even if the will said "I want my IRA to go to my son" it would have absolutely no effect if you are explicitly named as the beneficiary of the IRA. (Just for completeness: if the beneficiary of the IRA is the decedant's estate, and not an individual, then the assets pass to the estate and from there are distributed in accordance with the will, but that's not the case here.)
    jammy23's Avatar
    jammy23 Posts: 545, Reputation: 0
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    #8

    May 25, 2017, 11:15 AM
    Thank you so much for taking the time to write such a complete reply. It's not going to be set up as a jtwros... I can't ask for that...
    ebaines's Avatar
    ebaines Posts: 12,130, Reputation: 1307
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    #9

    May 25, 2017, 11:47 AM
    I don't understand - in your first post you said "We have a joint savings and checking account," but now you write "It's not going to be set up as a jtwros... I can't ask for that..." Does the account already exist or not?

    FYI, following is an excerpt from Chase about account types. Your bank may vary, but this gives you a good indication as to how it works. Note that "a joint account has rights of survivorship unless you clearly indicate on the signature card and in the account title that the account is created without these rights." So if you haven't yet established this joint account you and your partner can make that determination whether to have it as JTWROS or not when you set up the account.

    a. Joint account with rights of survivorship If a joint account has rights of survivorship, and one joint owner dies, the account will be paid to the surviving joint owners. The estate of the deceased owner will have no rights to the account. If there is more than one surviving joint owner, the account will continue as a joint account with rights of survivorship among the remaining owners. If an account is designated "JAWROS" or "JTWROS," it has rights of survivorship.

    b. Joint account with no right of survivorship (also called "tenants in common")
    If a joint account does not have rights of survivorship, and one joint owner dies, that owner’s interest passes to the owner’s estate. Either the surviving joint owners or the deceased owner’s estate may withdraw the funds at any time, and we have no responsibility for determining the respective interests of the owners. If an account is designated "Tenants in common" or "JTIC," it does not have rights of survivorship.

    c. When survivorship rights apply
    Except as otherwise stated in this paragraph, a joint account has rights of survivorship unless you clearly indicate on the signature card and in the account title that the account is created without these rights. Accounts in Louisiana do not have rights of survivorship. Accounts in Texas do not have rights of survivorship unless you clearly indicate on the signature card and in the account title that the account is created with these rights. If a joint account also contains a "payable on death" or "in trust for" designation, the account always includes a right of survivorship and is payable to the beneciary only upon the death of the last surviving owner, except as stated in paragraph d. below.

    d. Marital account (Wisconsin only)
    If one owner of a marital account dies, the survivor is entitled to 50% of the account funds and the estate of the deceased is entitled to the other 50%. If a marital account contains a payable on death designation, the POD beneciary is entitled to the deceased spouse’s 50% share. However, we have no responsibility to determine the respective interests of the owner and the POD beneficiary.

    e. Tenants by the entirety (Florida only)
    A Florida joint account owned solely by two spouses is a "tenants by the entirety" account unless the signature card indicates otherwise. We are not required to determine whether an account is a tenants by the entirety account before responding to a garnishment or other legal process. We may assert our right of setoff or security interest in a tenants by the entirety account in order to collect debts of either owner.
    HotDawg's Avatar
    HotDawg Posts: 4, Reputation: 1
    New Member
     
    #10

    Aug 16, 2017, 06:56 AM
    Rights of survivorship mean you would take the joint account as solely yours if, as you say, both your names are on it. If she has single bank accounts etc, then these would pass to her children yes.

    Apologies, as with above, this is only the case if you are joint tenants. Any wording that suggests a tenancy in common (as individuals instead of one unit) would mean no rights of survivorship and the will would overrule. Hope this helps.
    jammy23's Avatar
    jammy23 Posts: 545, Reputation: 0
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    #11

    Aug 16, 2017, 08:07 AM
    I know the firm that has it... they have her IRA... not much to fight about in
    The joint a/c... not much there... but every dollar becomes important if I
    Am left on my own. Thank you for your responses

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