Legal Question in Wills and Trusts in Iowa
Joint Tenancy vs. Will
I was named benficiary in the will of a relative. However, because she had signed a joint tenancy with another relative, this relative received all of the money. Does this take precedence over the will?
Asked on 4/07/04, 11:09 am
1 Answer from Attorneys
Thomas Moens
Moens Law Offices, Chartered
Re: Joint Tenancy vs. Will
Yes. Basically, the "joint tenancy" means that they are co-owners, and that the property goes to the survivor when one of them dies. Technically, that property is never part of the deceased person's estate. It vests fully in the surviving joint tenant immediately upon the death of the other.
Answered on 4/07/04, 5:02 pm