Legal Question in Wills and Trusts in New Jersey

Re: Who gets money held under joint accounts?

Depending on several factors, the assets in a so-called "joint account" may have to be disbursed in different ways. These factors include, but may not be limited to: the laws of your jurisdiction; the manner in which the account is titled; the terms of the account agreement between the depositor(s) and the financial institution; the source of the funds deposited in the account; how those funds were actually used, over time; the intent of the depositor(s); intent of the testator; etc.

In the example you provide, if both parents die simultaneously, and there is a single child, that child would have a claim to the father's share of the joint account, but as you do not state whether the mother has a will, and if so, who the designated beneficiary is, it is impossible from the facts given here to determine whether the mother may have heirs or beneficiaries who may have a claim to proceeds of her estate--which might well include a claim to at least some of the assets of the joint account.

I strongly recommend that you consult with an attorney immediately so that you can explore your legal rights, obligations, and options. If you wish to discuss retaining my services, contact me at:

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(973)-605-8995

[Disclaimer: The above reply is not to be regarded as or relied upon as "legal advice" which can only be obtained by a direct consultation with a retained attorney, during which the specific facts and circumstances of your case can be thoroughly evaluated. This reply is provided for general informational and educational purposes only, and does not create an attorney-client relationship with the responding attorney.]

Re: Who gets money held under joint accounts?

That depends on several factors (e.g. who contributed the money to the joint account, possibly the provisions in your will, and the state 'simultaneous death' law rules).

One way to clarify the situation would be to have a provision in your Will specifying who is deemed to be the survivor in a simultaneous death situation (you or your wife).

Also, you may want to prepare a new Will.

If you leave all your assets to your spouse, she is free to leave your estate to someone other than your child (such as her husband if she re-marries or her children if she has any).

If leaving your estate to your child is important to you, you should see an estate planning attorney about creating a special type of trust in your Will which will provide for your wife for her life, but leave the trust assets to your child at her death.

Re: Who gets money held under joint accounts?

I concur with the other authors, but have some differences of opinion. If survivorship can be determined, even only for several seconds, the survivor or his/her estate gets the assets. Under NJ law, in the event of simultaneous death, the asset would be split with each owner's estate getting 1/2 of the account. Several suggestions: add your child as POD (payable on death) to the account. In the event of simultaneous death, your child would get the account based upon the POD designation. I concur that you should revise both Wills to have complamentary clauses in the event of simultaneous death. Yours might say, in the event of simultaneous death, that you are to be deemed the survivor, and your wife's would say that you are also to be deemed the survivor. Both Wills would then say that in such case the account go to your daughter. You may also want to change your Will to place the assets to go to your wife in a trust under your Will, not outright. Your wife would be the primary beneficiary of the trust, but if any assets are left over when she dies, they would go to your daughter or her children if she had any and if she predeceased your wife. By naming your wife to get everytning, you have no assurance that if she survived, your daughter would get what was left. Since your wife would inherit everything from you, she would be free to dispose of her estate to anyone she wanted, including a new spouse if she were to remarry. How your assets are registered can also cause this to occur. I suggest you see an expert, as myself, in Wills and Trusts, to review your situation and to assist you in the preparation of appropriate documents.