Will/Estate in USA

[kalpadaru]

Is anyone familiar with the legal aspect of the following situation in USA?

Let us say that a resident/citizen of USA, who has a joint account in a US Bank with a relative (say a brother, sister, son, daughter, father or mother etc), dies without writing up a will. Can the joint account holder get the money in the account? What is the estate aspect here?

Kalpadaru

[knowledgeable]

Joint bank account ...

... with the condition of "Either or Survivor" gives the other surviving person total control of the assets in the account.

For the estate, you will need to contact an attorney who will not only advice you correctly but also safe guard your assets or your family's assets from falling into the government's hands.

Good luck.

[kalpadaru]

Will/Estate

... with the condition of "Either or Survivor" gives the other surviving person total control of the assets in the account.

For the estate, you will need to contact an attorney who will not only advice you correctly but also safe guard your assets or your family's assets from falling into the government's hands.

Good luck.

Thanks very much.

Kalpadaru

[immihelp]

Joint account holder can of course get the money. That is because the money is not only yours and his/her too.

You don't have to worry about the estate tax if your assets are less than $2 million for year 2008 ($3.5 million for 2009, unlimited for 2010, and $1 million for 2011 unless rules change by then). If you are married, these amounts can be doubled by making a marital trust.

It is better to get the will prepared. You should contact an attorney for the same.

[kalpadaru]

Joint account holder can of course get the money. That is because the money is not only yours and his/her too.

You don't have to worry about the estate tax if your assets are less than $2 million for year 2008 ($3.5 million for 2009, unlimited for 2010, and $1 million for 2011 unless rules change by then). If you are married, these amounts can be doubled by making a marital trust.

It is better to get the will prepared. You should contact an attorney for the same.

Thanks. Just one comment regarding the will. Why does one need an attorney, when, I believe, just a written signed declaration is considered sufficient?

[txh1b]

You don't need one if you can draft one and do your research. Many libraries have the do it yourself guides also available.

[kalpadaru]

Writing a Will

Thanks to all of you for providing all the website info on how to write your own will.

kalpadaru