Full question:
could you interpret this passage in a will It says if at the time of my death I am the owner joint owner of any real estate which is registered or issued in the names of myselfand another person or persons as tenants by the entirety or as joint tenants with right of survivorship or which is registered or issue in my name but is payable to or apparently payable to a named beneficiary on my death I declare it to be my intention that all my right title and interest in any such property shall immediately pass to the joint owner co-owner or beneficiary named in any such property whether or not my right title or interest in any such property would by operation of law upon my death vest in or pass to such surviving person. I make this provision in order to eliminate any doubt or question as to the right of any such person apparently entitled thereto to succeed to the full possession and ownership of such property upon my death
- Category: Wills and Estates
- Date:
- State: Florida
Answer:
Certain assets are not included as part of a person's estate and may pass outside of probate, such as trust assets and transfer on death accounts or property owned by joint tenants which passes under a right of survivorship when one tenant dies. When property passes by contract terms, such as a bank account naming a beneficiary, or through rights as a joint tenant with rights of survivorship, this is referred to in the clause as property that "would by operation of law upon my death vest in or pass to such surviving person".
Such a clause deals with the situation where there is both a joint owner and a named beneficiary. For example, a husband and wife may be joint owners of a bank account and name a child on the account as beneficiary. The clause seeks to clarify the intent of the will maker (testator), confirming his/her intent that any named co-owner or beneficiary shall inherit the deceased's share, regardless of other legal rules. So, in the example above, the child named as a beneficiary on the parents' account would become a joint owner of the account with the mother if the testator's wishes are followed. Otherwise, the bank's rules may prevent the child from inheriting as a beneficiary until the mother also died.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
