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Hi again, how are you today? I...
Hi again,
how are you today?
I have more questions about the same subject ( protect my mother half of shared assets with her husband in case she dies before filing for divorce or the divorce is finalized, and pass all the assets to her two adult children).
I found out that my mother and her husband own all the assets in joint tenancy, which means that if my mother dies today; her share goes automatically to her surviving husband, no matter what her will says.
So my question is:
What should my mother do to make sure that her two adult children inherit all her half of shared assets, with her husband, in case she dies before filing for divorce or the divorce is finalized?
Submitted: 5 months ago.Category: Legal
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11/10/2017
Lawyer: Ray, Lawyer replied 5 months ago
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 46,384
Experience: 30 years in civil, probate, real estate, elder law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Lawyer: Ray, Lawyer replied 5 months ago

In Florida here she needs to move forward with divorce and proeprty settlement.No other way to fix that.If they cannot reach settlement then have court divide it.You are correct any JTROS goes to survivor here.She needs to file and resolve it all.If she has accounts with JTROS she can open new account and transfer her half to it.Sorry but if she did JTROS then divorce is the only way and then JTROS with children or will.Encourage her to file here, and get this resolved.Best thing she can do long term to leave it to children.

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Thanks again and thanks for rating 5 star

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Customer reply replied 5 months ago
hi
How can I find the title of a home online?
Lawyer: Ray, Lawyer replied 5 months ago
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Customer reply replied 5 months ago
Hi,
how are you today? I hope you are well
My question is:
If a husband and wife own a homesteaded property as joint in common, and in case of death of wife with a will inheriting her 50% of shared home to her children.
So what is going to happen?
Is the husband going to inherit 100% of shared homesteaded property?
or is going to be able to live in that home and his step children will inherit the 50% interest of their mother, after his death?
Lawyer: Ray, Lawyer replied 5 months ago

Joint tenants with right of surivorship passes to the survivor, the deed has to state that it is JTWROS otherwise they are tenants in common.She can will her 50% of TIC to whoever she wants, court would order it sold.

Now if this is TIC and there is no will it passes as below

In Florida, if you are married and you die without a will, what your spouse gets depends on whether or not you have living descendants -- children, grandchildren, or great-grandchildren. If you don’t, then your spouse inherits all of your intestate property. If you do, they and your spouse will share your intestate property as follows:

If you die with children or other descendants from you and the surviving spouse, and your surviving spouse has no descendants from previous relationships. Your surviving spouse inherits everything.

If you die with children or other descendants from you and the surviving spouse, and your surviving spouse has descendants from previous relationships. Your surviving spouse inherits half of your intestate property and your descendants inherit the other half.

Example: Bill is married to Karen, and they have two grown children. Karen also has a son from a previous marriage. Bill and Karen own a large bank account in joint tenancy, and Bill took out a life insurance policy naming Karen as the beneficiary. When Bill dies, Karen receives the life insurance policy proceeds and inherits the bank account outright. Bill also owns $200,000 worth of other property that would have passed under a will, so Karen inherits $100,000 worth of that property. The remaining $100,000 goes to Bill’s and Karen’s two children.

If you die with descendants who are not the descendants of your surviving spouse. Your spouse inherits half of your intestate property and your descendants inherit the other half.

Example: Barrett is married to Jed and also has a 12-year-old daughter from a previous marriage. Barrett owns a house in joint tenancy with Jed, plus $200,000 worth of additional, separate property that would have passed under a will if Barrett had made one. When Barrett dies, Jed inherits the house outright and $100,000 worth of Barrett’s property. Barrett’s daughter inherits the remaining $100,000 share of Barrett’s property.

A will here is a great idea to. protect the kids .

Thanks for rating 5 stars.

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Customer reply replied 5 months ago
you didn't answer my question properly.
I am talking here about ownership"'joint in common" for a "homesteaded property".
Lawyer: Ray, Lawyer replied 5 months ago

If a husband and wife own a homesteaded property as joint in common, and in case of death of wife with a will inheriting her 50% of shared home to her children.

Court would order a sale here if the children have partial interest.Understand the mother has half and this concerns how her half would be divided.Probate court orders it sold.Either the husband here buys the siblings out or its a sale to a third party and proceeds divided.He doesn't have a life estate here unless she wills him one otherwise it would be sold here in probate on terms set by judge, likely their is a court ordered appraisal.

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