Legal Question in Wills and Trusts in Florida

Re: Mutual Fund Accounts with JROS

It is important to mention that if you have the account set up as Joint With Right of Survivorship, those named as joint owners can withdraw the money at anytime. The money is considered theirs also. Easier way to handle this is to put the three names as beneficiaries. That way, they can not withdraw, but when you pass away, the money in the account would automatically be divided equally to the three beneficiaries. No probate, no chance of contesting and no withdrawals.

Re: Mutual Fund Accounts with JROS

No, that will not suffice. If the account is set up listing your nephews with a Joint Right of Survivorship with you, then ownership of this account automatically vests in your nephews alone if anything should happen to you. I suggest that you meet with your representative at Merrill-Lynch and explain your wishes and have them change the account accordingly. You may wish to simply add your female friend's name to that of the nephews so that she shares equally with them in the unfortunate event of your demise. Alternatively, you may wish to designate your estate as the beneficiary of this account and all proceeds will be probated in accordance with your intentions as stated in your will.

This is a serious legal question and should be discussed with an attorney.

Scott R. Jay, Esq. (305) 239-8000