Legal Question in Wills and Trusts in Texas

JTWROS vs. a will
My husband has 2 mutual funds that are currently in his and his ex-wife's name as JTWROS. He obtained the funds while they were still married, but his ex-wife never contributed anything to them. They have been divorced for nearly 10 years, but his ex-wife is very difficult to locate, has no phone, moves a lot, and is basically a dead-beat. We know she would not meet him to sign off on the rights to these mutual funds in front of a notary, which is what they require to get them out of her name. So, what if he includes in his will that all assets go to me or our children? Is she still entitled to the proceeds from those mutual funds? Does the will take precedence over anything with JTWROS? Thanks for your help.

Asked on 1/12/05, 2:43 pm

Andrew Traub The Traub Law Office, P.C.

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Re: JTWROS vs. a will

First, check the divorce agreement. If it discusses the account, it may be enough for the fund manager.

A JTWROS account will pass outside a will, so you will need it re-titled.

www.andrewtraub.com

Answered on 1/12/05, 3:03 pm

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