Legal Question in Wills and Trusts in Virginia
Will or JWROS?
My wife is on her parents accounts as JWROS. Their will stipulates that 1/3 of the estate goes to each of their 3 children (my wife, of course, is 1 of them). They expect her to gift 1/3 of the estate to each sibling. The estate is a substantial amount of cash held in CDs and money market funds. Even accounting for the lifetime unified credit, can't such gifts limit our ability to give to our own kids some years from now? Should we encourage her parents to take my wife off the accounts and just give her a durable power of attorney in case the accounts need to be managed prior to their deaths?
1 Answer from Attorneys
Re: Will or JWROS?
That's one solution. Another might be to disclaim her survivorship in the accounts. I haven't researched that (I'm on travel) but it may work, which would be helpful if your inlaws are unwilling or unable to give her power of attorney or change the accounts.
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