Royal Oak, MI asked in Estate Planning for Michigan

Q: My mom has a will but no assets other than cash in a joint account with me as the other account holder.

Her will dictates equal division of any assets. May I simply give cash to each of my siblings after paying any remaining bills?

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2 Lawyer Answers
Trent Harris
Trent Harris
Answered
  • Estate Planning Lawyer
  • Jackson, MI
  • Licensed in Michigan

A: Yes! But understand that by doing that, you would actually be gifting your siblings money that belongs to you, at least legally. Assets that pass by operation of law or by contract (such as under a Joint bank account) pass outside the will - they are not assets of the probate estate. You would not necessarily be under any legal obligation to divide the bank account as you suggest. But in order to fulfill your mother's wishes, it would be the right thing to do. Perhaps your mother did not know that the joint bank account would not pass by the the terms of the will, but that is what she intended to happen.

As always, you get what you pay for. Be sure to talk to a qualified attorney about your specific situation before choosing to rely on information you get from internet discussion boards such as this one.

Kenneth V Zichi agrees with this answer

Nina Whitehurst
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Answered
  • Estate Planning Lawyer
  • Crossville, TN

A: Assuming your mother did not leave a surviving spouse, yes you can do that. Rather than give cash, however, I would recommend that you write checks so you have a record of the distributions. And please allow me to commend you for doing the right thing. Many people in your situation keep the cash and don’t share like they should.

You can give up to $11 million during your lifetime without incurring a gift tax. I am pretty sure if that were an issue for you, you would not be asking for free advice on an online forum. Blessings and good karma to you.

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