Legal Question in Wills and Trusts in South Dakota

Joint (wros) stock securities account

4 people (ABCD) have joint(wros)account with financial services company for oil stocks. A & B die within 6 months or less of each other. A dies first. Stocks are being distributed equally to C and D. (A's will gives B, C and D and beneficiaries.) B's will states that tangible personal property and residue of estate be divided equally among B's children. Since A died first, should her shares have been distributed to B,C & D? Should B's children receive equal shares of B's share of stocks when she died? rather than having all shares divided between C and D?


Asked on 11/19/06, 5:46 am

1 Answer from Attorneys
Susan Burns Law Office of Susan Ford Burns

Re: Joint (wros) stock securities account

If the stocks were titled with a right of survivorship and the title was not changed after A's death or after B's death, then C and D are the remaining owners and A and B's heirs have no rights to the stock regardless of A's or B's wills. The stocks transfer outside of probate (probate is what is controlled by the will).

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Answered on 11/20/06, 8:52 pm


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