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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 33781
Experience:  15 yrs estate law, real estate. Wills/Trusts/Probate
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I am having an issue with one of my brothers. I was the

Customer Question

I am having an issue with one of my brothers. I was the beneficiary on our mother's insurance policy. Her one Prudential stock was a TOD to me, and I was the JTWROS on her annuities and other stocks. I was also on both her checking account and savings account since I had to pay her bills. Our mother had a will and I am the Personal Representative of the will. She had no property. I did go to her attorney to get the original will. He said the will did not have to go through probate since all the money was in my name now so there is nothing to go through probate. I plan to honor my mother's will and divide the monies with my two remaining siblings. I have paid all the doctor, funeral, and other fees from the funds passed on to me. I have read and been told that since all the monies were passed on to me I do not need to share the estate with my siblings in the will. Beneficiary, joint ownership, and transfer on death overrides a will. Is that true.
JA: OK. The Estate Lawyer will need to help you with this. Have you consulted a lawyer yet?
Customer: no
JA: Is there anything else important you think the Estate Lawyer should know?
Customer: Well, the brother that is giving me trouble had taken advantage of our mother for years. She paid his electric bill, car insurance, life insurance, gave him personal loans for years and years because he has not held a steady job. My other brother and I have worked very hard all of our lives and never asked our parents for anything. In fact we did for them like taking them on vacation with us, out to dinner, etc.
JA: Our top Estate Lawyer is ready to take your case. Just pay the $5 fully refundable deposit and I'll fill the Estate Lawyer in on everything we've discussed. You can go back and forth with the Estate Lawyer until you're 100% satisfied. We guarantee it.
Submitted: 8 months ago.
Category: Estate Law
Expert:  Barrister replied 8 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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I have read and been told that since all the monies were passed on to me I do not need to share the estate with my siblings in the will. Beneficiary, joint ownership, and transfer on death overrides a will. Is that true.

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Yes, that is entirely true. Based on your comments, when mother passed, you became the sole owner of all of her assets through either being a direct POD beneficiary, or a joint tenant. The will only controls assets that were in mother's sole name when she passed and it doesn't appear as though there were any assets in her name only, so no estate to go through probate and be distributed according to her will.

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So if you were to decide to share the inheritance, you would actually be giving them a gift of your personal assets and could incur potential gift taxes on anything over $14K per person. I say potential because you can avoid any gift taxes by filing an IRS Form 709 with your taxes in the year of the gift. This will allow you to use up some portion of your $5.45 million dollar lifetime gift tax exemption and avoid paying any gift taxes.

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thanks

Barrister

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