Legal Question in Wills and Trusts in New Jersey

Re: Bank Accounts/CD's and family

Stepdaughter may have a claim to the money in the bank account and to a fraction of the other assets of your husband's estate. The bank account matter can be handled by ensuring that the title to the account includes the right of survivorship. The problem of other assets needs to be looked at in greater detail.

You both should have wills. If your husband refuses to make one, you can still consult a lawyer who can help you with an asset management plan that will minimize the risk to your children.

See also: http://info.corbettlaw.net/lawguru.htm

Re: Bank Accounts/CD's and family

I concur in John's advice, but add that anything in joint names with right of survivorship, or real property owned as tenants by the entirety (same as JTROS but only applies to real property), or has a designated beneficiary (like life insurance, retirement plans, etc.), automatically passes to the person named, even if a Will specifies to the contrary. A Will or inestacy (dying without a Will) only applies to individually owned assets, even those in multiple names, if the right of survivorshiop designation is not specified. As to those assets, unless a person has a Will, the inestacy statute may give rights to a decedent's children (from current marriage or prior marriage) depending upon the value of the decedent's entire estate. You do not say how old all children are. If minors are involved, without a Will litigation could ensue as to guardianship of minors and who handles their inheritance. This is a good reason why everyone should have a Will, even if they feel they don not need one or fear that making one might hasten their death.