Legal Question in Wills and Trusts in West Virginia

Re: probate wills

In West Virginia accounts (intangible personal property) as well as tangible personal property which is titled in one or more names are deemed to be survivorship accounts. They could be titled with a Payable on Death clause. Either way, ownership vests because of the contract or title and not as a probate asset subject to claims of creditors of the estate. The owner of the account in his or her lifetime could designate a joint account as being held with the additional name only as a matter of convenience with no intent to make a testamentary gift. In that case, the asset would become a probate asset and subject to creditors. In the process of administration of an estate, the probate assets are reported on the 6.01 Appraisement and published in the courthouse. The non-probate assets, such as the survivorship accounts are reported on the 6.02 Appraisement and sent to the State Tax Commissioner. The 6.02 is not published in the courthouse.