Legal Question in Wills and Trusts in New York
my mother's will
My mother made out a will dividing all her assets equally between myself and my sister. However, prior to the will two accounts were opened in my name and my mother's name(one a joint account and one an ITF account) as compensation for a business I ran for my mother for many years. Do the monies in these accounts pass entirely to me when she passes or do I have to split her fifty percent with my sister? If I do have to split my mother's share, should a provision be put in her will specifying that she intended me to get the full amounts in those accounts?
2 Answers from Attorneys
Re: my mother's will
In Florida, unless an express contrary provision is stated, survivors of joint accounts own the funds at the death. For more information call my toll free number 866-Law-Easy
Re: my mother's will
Assets registered jointly and in an ITF account usually pass outside the Will and go to the joint owner or person designated on the account. The provisions of the Will are overridden by the account designation. This does not mean that the registration cannot be contested on many grounds. I suggest your mother write a simple statement in her Will explaining her reasons for doing what she did, or at least a letter to your sister explaining this, to be given to your sister upon your mother's death, to avoid the possibility of litigation over these accounts.
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