Legal Question in Wills and Trusts in New Jersey

JTWROS disclosure rules

I have been named the executor of my mother's estate. The majority of her assets were jointly held in hers and my name under JTWROS. She intended to have the freedom to instruct me as to how to distribute her assets to my siblings without having to be bound by the will. She did give me instructions to me before she passed (she was estranged from one sibling) and her instructions are in conflict with the will. I understand that the money passes to me outside the estate, but the sibling who is getting the least, is demanding a full disclosure of my mother's assets including those transferred to me under JTWROS. Any assets held solely in her name are not worth more than $2000 if that. All I wish to do is follow my mother's wishes which also included that I was NOT to disclose her net worth nor what each person was getting. Am I legally bound to make a disclosure of assets that are xfered to me under JTWROS?


Asked on 11/02/03, 11:17 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: JTWROS disclosure rules

You are dealing with legal vs. moral issues. Technically, as executor, you are only responsible to account for assets passing through your hands that are transferred by the Will. For tax purposes you are responsible to account for all assets belonging to your mother, whether passing under the Will or outside the Will (such as by joint ownership). Does the Will give you any guidelines (e.g. does it explain or mention the estranged child, which might help answer the moral issue? Morally, you are bound by your mother's wishes, and it could be argued that, although told you, not in writing, she created a constructive trust of the assets registered jointly. The problem may be compunded by the timing of the oral instructions and by the dating of the Will. Which came earlier, the oral instructions or the Will? This is not an easy answer, as arguments can be made both ways. We should probably talk, to discuss my questions, plus I would like to see a copy of the Will (you can FAX it to me at 973-377-8167), before we talk. 1/2 hour free consultation.

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Answered on 11/02/03, 1:09 pm


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