I'm not dead yet, bitI would like to open a JTWROS account with my daughter (whom I trust implicitly!).
If I am scrupulous about keeping records of a $13,000 annual gift as I place it into the joint account, will this suffice to demonstrate that her interest in the account? Upon my death, can the executor of my estate then declare whatever non-gift balance is in the account as my share/interest in this account? Or does the exectuor have to simply divide the account balance equally top determine my share?
1 Answer from Attorneys
First, your question is unclear and may be missing an important word or two. But from what I gather, you may have a fundamental misunderstanding of a joint tenancy with right of survivorship. While there can be any number of joint tenants, the survivors own it and the deceased (former) joint tenants leave no interest to pass on. Thus, if you and your daughter are the only joint tenants on a JTWROS account, upon your death she will be the sole owner of the entire account.