Legal Question in Wills and Trusts in Florida
Settling terms of a will when money was in joint accounts.
Can a benificiary collect money left to them in a will if my father's money was in a joint account? It has been 2 years since my father passed away and his wife has not paid the benifiaries because she does not want to pay any penalties for withdrawing funds and cd' etc early. Can she legally withhold settling with the benificiaries, and if so, how long?
3 Answers from Attorneys
Re: Settling terms of a will when money was in joint accounts.
Money in a joint account goes to the survivor. If the estate has no other assets the beneficiaries will not receive anything.
Re: Settling terms of a will when money was in joint accounts.
If the account was a true joint account, the money automatically went to the survivor at your father's death. If your father's wife was the other owner of the joint account, she does not have to give the beneficiaries any of the money.
Re: Settling terms of a will when money was in joint accounts.
Wisconsin has had Marital Property since January 1, 1986. Consequently, joint accounts provide legal complications when they are owned by married people. Under old law, joint accounts passed to the surviving joint tenant. But under the current law, the titling of the account does not necessarily determine who the owner is. Your situation is fairly complex, and you should seek informed legal counsel.
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