Legal Question in Wills and Trusts in Ohio

Re: How to divide assets

Ohio law is that the survivor on a jointly owned account is presumed to be the owner of the assets when the other co-owner dies. The survivorship account is not subject to the terms of the Will.

If you want to share the account balance, that is up to you. If it were controlled by either the Will or a different section of Ohio law, you would divide the account 4 ways: one part for each living child and one part divided among the children of the deceased child, not the deceased child's wife. If the deceased child had no children, then the account would be divided among the living children only. Again, since sharing it is your decision, you can do whatever you want.

Re: How to divide assets

Please accept my condolences on the passing of your mother.

If the only asset was a joint checking account, the division as instructed in the Will does not control those funds. The presumption in Ohio is that proceeds in a joint bank account are held as joint tenants with rights of survivorship. In lay terms, this means the surviving person owns the account, and the funds, without probate court involvement. This presumption could be rebutted, but it would require a lawsuit and proof that when mother established the account, she did not have the capacity to contract.

Thus, in the situation you describe, the surviving person would have no legal duty to share the account proceeds with anyone, and in fact said person would effectively be making a gift if they decided to divide the assets according to instructions of the will. My experience is some folks feel a moral duty to do this and others do not.

Re: How to divide assets

Any amount distributed to your siblings or your brother's wife would be a gift and subject to gift tax. An individual may give up to $13,000 a year to any person without gift tax consequences. If the amount exceeds that you will want to discuss the sitaution with an attorney or accountant.