One of the fundamental aspects of estate planning and settling an estate is determining the nature of a person’s assets. When planning an estate a New York City Estate Attorney typically examines the ownership of various types of assets. For example, a bank account may be owned in a variety of ways. The account may be held in the name of a person alone or it may be in the name of the person with a designated beneficiary to receive the account funds on the death of the account holder. Additionally, the account may be held in the joint names of the person along with another person who has rights of survivorship. Thus, the account would be paid automatically to the surviving joint owner.
The issues that arise in connection with joint assets tend to fill the Surrogate’s Court calendars. The New York Probate Lawyer Blog has discussed in many posts that a Last Will only controls assets that are in a person’s name alone. Joint assets and other items such as retirement funds that have named beneficiaries are distributed outside of the Will by operation of law. Continue reading →