Q: My mother died recently. When may I start using funds left to me in a brokerage account on which I am a joint tenant.
My only sibling died two years ago. He had no children and left his entire estate to his widow. When my brother died, my mother created a new will to make it clear that her entire estate would be bequethed to me. She then added me to her brokerage and bank accounts JTWROS so I could pay her bills and manage her investments. She owned no real estate when she died, and did not own a car. Her only other assets were some furniture,clothes, and some costume jewelry.
A: It couldn’t hurt to sit down with a lawyer to review the estate, but the accounts that were JTWROS will probably be re-titled to you once you show up at the brokerage with your ID and a certified death certificate UNLESS your mother’s intent in setting up the account was to facilitate giving you access so you could take care of her and not for a testamentary purpose.
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