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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 55478
Experience:  29 years of experience practicing law, including tax and estate planning.
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My parents-father deceased-had my name put on their account

Customer Question

My parents-father deceased-had my name put on their account about 4-5 yrs. ago. When my mother passes are my siblings entitled to any of the money in the account. The trust states after everything else is dispersed then my older sister and I split everything else between us. What about the account that would leave me the sole holder?
Submitted: 2 years ago.
Category: Estate Law
Expert:  Richard replied 2 years ago.
Hi! My name is ***** ***** I look forward to helping you!
This account would automatically vest in you outside the trust. Certain assets pass outside probate and thus are not governed by the will and thus do not require probate. also, with respect to living trusts, only assets held by the trusts at death are governed by the trust documents. Assets passing automatically at death include the following: i) joint brokerage and bank accounts which vest automatically in the surviving owner upon the death of one owner; ii) real property held as joint tenants or tenants by the entirety, which also vest automatically in the surviving owner upon the death of one owner; and iii) assets with designated beneficiaries other than the estate such as life insurance and retirement accounts.
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