Legal Question in Wills and Trusts in Illinois
joint tenancy
My aunt recently passed away .She left a will that included her daughter (only child) and her neighbors. However, she also had a few stocks (shares in 2 companies) and a bank account which she had her daughter as joint tenant. Are the neighbors entitled to a portion of the stocks? She did not have anyone listed as joint tenant on her house which her neighbors' children are inhabiting. Are the neighbors entitled to the house because it was left to them and the daughter in the will? How does joint tenancy work when there was a will? We believe the neighbors forced my aunt to get a will unaware of assets held in joint tenancy. My cousin (her daughter) is afraid the neighbors will be entitled to the stocks and bank account and if they rightfully belong to the daughter, she is afraid the neighbors will come after her suing for these possessions since there was a will. Thank you.
3 Answers from Attorneys
Re: joint tenancy
A surviving joint tenant gets property owned in joint tenancy. The terms of the will do not affect the joint tenancy. If the daughter was not a joint tenant on the house, then the house will go to the parties listed in the will.
Re: joint tenancy
Joint tenancy assets generally pass to the surviving joint tenant outside of the will. Neighbors can sue arguing that these accounts were merely "convenience" accounts and were not intended to pass to the surviving joint tenant, but from the facts you gave I would deem that unlikely.
As for the house, if in your aunt's sole name, it will pass under the terms of the will. Whoever is named as executor of the will needs to file a petition to open a probate estate. If that is daughter, then she can file the petition and either request possession of the real estate or have the neighbors pay rent to the estate.
In any case, your cousin probably needs to get a probate attorney ASAP.
Re: joint tenancy
Joint ownership takes precedent over the will.
Your cousin owns everthing she held jointly with her mother, and a will can't change that. If you need help please call me at 773-237-3516
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