Legal Question in Wills and Trusts in Florida
Executor's Joint Tenancy Accounts
I am the Personal Representative for my Mother's estate. There are bank accounts in her name and mine as joint tenants. My attorney has instructed me to place those funds into an estate trust account for equal distribution between 3 heirs. He told me the funds are legally mine, but it would not be ethical to keep them, that I had a fiduciary relationship with the other heirs as the executor. The funds were gifted to me for many reasons. My Mother's wishes should not be ignored. Please advise.
2 Answers from Attorneys
Re: Executor's Joint Tenancy Accounts
I am not sure what his ethical concerns are. If the account was as a joint tenant with right of survivorship, then when your mother died, the funds became yours. Whether you share with others is up to you (and failing to can often cause hard feelings among family members).
Re: Executor's Joint Tenancy Accounts
Something doesn't sound correct. Ordinarily, assets in a jointly held account with right of survivorship pass to the joint owner upon the death of the other owner. However, if you were added to the account as a matter of convenience, then your attorney may be correct.
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