Joint Tenancy Bank Accounts And Kids From Different Marriages

By
Real Estate Agent with CENTURY 21 Beal, Inc.

Joint Tenancy

Holmes vs Beatty - Lawsuit over inheritance issues - (summary below -remember I am not giving legal advice!)

Thomas and Kathryn Holmes married 1972.  They amassed $10,000,000 in brokerage accounts and security certificates. Kathryn died and her will said her son from a previous marriage was the executor. Kathryn intended for her children to get her share of her estate.  Thomas died 9 months later (of a broken heart?). His son, Harry, from a previous marriage was the executor of Thomas' estate.

Looks like the kids of Kathryn would get half and the kids of Thomas would get the other half.   Not so!

Because the bank accounts were structured as JT TEN and JT WROS (joint tenancy) all the money went to the husband when Kathryn died. Then when Thomas died everything went to HIS kids.

Her will gave everything to her kids and his will gave everything to his kids but....

Do you think either Thomas or Kathryn understood that the money would go to only his kids? Probably not since each had a will leaving what they had to their kids BUT the Texas Supreme Court said too bad!  They said the law is the law and ignorance of the law is no excuse.

Thomas' kids got everything!!!

Now, go check your bank accounts. Check the bank accounts of your parents and make sure you talk with your attorney about this! This is a new ruling and your attorney may not even know about it yet.

Susan Hilton

Susan Hilton College Station Real Estate

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Texas
Tags:
httpsusanhiltoncom20110504jointtenancybankaccountsandkidsfromdifferentmarriages

Anonymous
Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
378,325
Pat Champion
Coldwell Banker Camelot Realty - Mount Dora, FL

Great topic it does pay to seek the advice of an experienced Attorney on this subject. Thanks for sharing.

May 11, 2011 12:06 PM #1
Anonymous
Post a Comment
Spam prevention
Show All Comments
Rainmaker
114,930

Susan Hilton

Texas Aggie Real Estate, College Station Bryan Texas Real Estate
Ask me a question
*
*
*
Spam prevention

Additional Information