Legal Question in Wills and Trusts in Michigan
question about JWROS account titling
I looked up the definition of ...with rights of survivorship as it pertains to the titling on a bank account, and it indicated that the survivor inherits the deceased persons assets that were held jointly with WROS, what I am unclear about, if this is correct, is what are the rights of the two parties while both are living? Do they both have equal access to the assets, or is one considered the owner of the account and the other ''joint'' for purposes of .....WROS only? The account is titled as joe smith and jane jones - WROS. The account is in the ss number of joe smith and joe claimed all income/dividends on his income tax..... if that helps.
1 Answer from Attorneys
Re: question about JWROS account titling
The account is considered joint and both have access to the account technically. In practice, people often wrongfully use this method of titling the bank account to avoid probate of the bank account and for the convenience of an infirm cotenant. Litigation often occurs as it is disputed that the account was meant to be a current transfer of ownership or a "trust" as a form of estate planning. For more info, please contact my office by phone.
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