Q: If my mother has my name on all of her accounts (IRA, cds, title house, etc.) and no will- can it stay out of probate?
She has an old handwritten will that no longer has valid account info. My name and my sister's name is on most all of her assets. She thinks this is good enough to stay out of probate upon her death. Is this correct? She lives in Topeka, KS.
A:
Possibly, if all of her financial accounts are joint accounts with survivorship options, and if the real estate (the house) is titled as a joint tenancy with right of survivorship (JTWROS). She should double-check with the financial institutions that probate wouldn't be necessary, and also make sure that JTWROSs are valid in her state. Are there any other assets?
Also, depending on the law in her state, the old will may perhaps be valid. The fact that the account numbers may not be up-to-date usually wouldn't make any difference. Neither would the fact that it is hand-written.
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