I am a 60 year old woman with 2 sisters and 2 brothers. Our mother has a will that splits everything between all of her children equally . One of my brothers, who is the youngest child, is listed as a co-owner of her home which is paid off. He is also listed on one of her large banking accounts. Her other accounts only have her name on them. The rest of us are not listed on any of her financial accounts. My mother has a will whereby she leaves everything to her 5 children equally. One of my sisters is listed as the executor of the will. My question is, when our mother passes, what will happen with splitting everything with our younger brother being a co-owner of her home and one of her financial accounts.
1 Answer from Attorneys
A week can pass what the person Owens at their death. Or, more accurately, what their estate owns the moment after her death. Depending upin "hiw" your younger brother is listed as an owner on the hiyse, your mother's interest may evaporate at hwr death. This may leave your brither as the only iwner. There would be NJ interest if the Mother's to pass by the Will. Otherwise, it sounds like your Bother will own half, and the five of you will split your Mother's half.
As for the bank account, it may matter how your Mother abd Brother'sintetest sre lusted on the deposit card. The entire account pass dirty to him, at her death. Or, his interest in being authorized user may evaporate. Either way, he can probably take all the miney out of the account before she dies. It would most likely be his money then.
You may want to discuss this with your Mother, brother, and other siblings.