Suppose the last surviving parent of two brothers dies without a will, leaving a $100,000 estate. Assume that according to the intestate law, the estate should be divided equally between the two brothers. However, one brother was party to a jointly held bank account (could be joint tenants with rights of survivorship, payment on death, or transfer on death) with $50,000 of the total $100,000 in it. Should this brother receive the $50,000 from the bank account plus $25,000 of the remaining $50,ooo for a total of $75,000, or should he receive only the $50, 000 from the bank account so the other brother also receives %50,000 rather than only $25,000? Would it make any difference if there were a will instructing the assets of the estate be divided equally?
Asked on 2/23/13, 7:45 am
1 Answer from Attorneys
Timothy Klisz
Klisz Law Office, PLLC
The joint asset is not part of probate and belongs to the brother who's name it is in. They then get 1/2 of the estate unless the will discusses bank accounts as estate assets.
Answered on 2/23/13, 8:01 am
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