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Is the beneficiary of a will entitled to a share of the decedent's jointly-owned property?
It depends on what the will states. If the will states that you are the sole beneficiary of all of the decedent's property, you will receive whatever share the decedent owned of the jointly-owned property. The decedent's share of the property will become your share. If there are other beneficiaries and the division of ownership is not specified in the will, the decedent's share of the jointly-owned property will be divided equally amongst the beneficiaries. If the will states a specific division amongst beneficiaries (e.g. 1/2 interest to John Doe, 1/4 interest to Jane Doe and 1/4 interest to Bob Doe), then the decedent's share of the jointly owned property will be divided amongst the beneficiaries accordingly. But, the quick answer to your question is that just because someone else who is still alive has a share of the decedent's property doesn't mean that the entire property reverts to that alive shareholder. The decedent's interest in the property will go to his or her heirs in the same proportion that the decedent owned the property when he or she was alive.
Does Missouri require an Inheritance Tax Waiver to transfer stock shares?
An Inheritance Tax Waiver is not required if the decedent died after 1/1/81. It is required if the decedent died before 1/1/81 and was a legal resident of Missouri. A waiver is also not required if the assets were held jointly with Rights of Survivorship, except for transfer of joint property of decedents who died prior to 8-13-74.
Is a beneficiary of a will entitled to a share of the decedent's jointly-owned property?
Generally, interest in jointly owned real and personal property passes automatically to the surviving owner. Joint bank accounts may pass into the estate if they were made joint only for the purpose of convenience.
Can executor use monies from decedent's estate to pay property taxesinsurance on a residence jointly owned by some but not all of the heirs to the estate without prior consent of the heirs?
Assuming that the decedent's Will does not provide otherwise, and assuming that the decedent was liable for the taxes and insurance, or assuming that the residence is included in the decedent's estate, then yes.
Is an ex spouse estate responsible for a part of a mortgage on property held jointly with the ex spouse?
That is a complicated issue and an attorney would need to review the situation and explain your rights and options. You should consult with the attorney who represented you in the divorce since the jointly held property and mortgage should have been addressed at that time.Note that a decedent's estate is responsible for paying the debts of the decedent. You should also ask your attorney if you can file a claim for the decedent's portion of the mortgage debt.That is a complicated issue and an attorney would need to review the situation and explain your rights and options. You should consult with the attorney who represented you in the divorce since the jointly held property and mortgage should have been addressed at that time.Note that a decedent's estate is responsible for paying the debts of the decedent. You should also ask your attorney if you can file a claim for the decedent's portion of the mortgage debt.That is a complicated issue and an attorney would need to review the situation and explain your rights and options. You should consult with the attorney who represented you in the divorce since the jointly held property and mortgage should have been addressed at that time.Note that a decedent's estate is responsible for paying the debts of the decedent. You should also ask your attorney if you can file a claim for the decedent's portion of the mortgage debt.That is a complicated issue and an attorney would need to review the situation and explain your rights and options. You should consult with the attorney who represented you in the divorce since the jointly held property and mortgage should have been addressed at that time.Note that a decedent's estate is responsible for paying the debts of the decedent. You should also ask your attorney if you can file a claim for the decedent's portion of the mortgage debt.
Should executors of wills see proof of joint ownership of assets?
Not clear why an executor would be interested in any property that is jointly owned, with right of survivorship, as it would not be part of the decedent's estate.
What percentage of the proceeds is due to the wife when a property is sold?
If the property is owned jointly, the wife is entitled to 50% of the proceeds.If the property is owned jointly, the wife is entitled to 50% of the proceeds.If the property is owned jointly, the wife is entitled to 50% of the proceeds.If the property is owned jointly, the wife is entitled to 50% of the proceeds.
What if the estate of one spouse is different from the surviving spouse?
It usually is. Even where the spouses own property jointly, each spouse owns only an undivided half. Whatever is in the decedent spouse's estate will pass according to the decedent's Will, if there was one, or by the laws of intestacy, if there was not, or in accordance with joint tenancy with right of survivorship or a beneficiary designation.
What happens to jointly owned property in a non-community property state in the event of the death of a spouse?
If the real property is owned as tenants by the entirety or joint tenants with the right of survivorship the interest of the decedent automatically passes to the surviving spouse and they need to do nothing except record a death certificate in the land records.
If a mother and daughter own property as joint tenants what happens to the personal property when one of the joint tenants dies?
A decedent's personal property passes according to the terms of their will or according to the state laws of intestacy. However, if the property consists of household items, such as furniture, linens or dishes, that were shared you should consult with an attorney if that type of property may become an issue. The joint owners may want to make wills that cover jointly owned personal property to make certain it passes to the survivor.A decedent's personal property passes according to the terms of their will or according to the state laws of intestacy. However, if the property consists of household items, such as furniture, linens or dishes, that were shared you should consult with an attorney if that type of property may become an issue. The joint owners may want to make wills that cover jointly owned personal property to make certain it passes to the survivor.A decedent's personal property passes according to the terms of their will or according to the state laws of intestacy. However, if the property consists of household items, such as furniture, linens or dishes, that were shared you should consult with an attorney if that type of property may become an issue. The joint owners may want to make wills that cover jointly owned personal property to make certain it passes to the survivor.A decedent's personal property passes according to the terms of their will or according to the state laws of intestacy. However, if the property consists of household items, such as furniture, linens or dishes, that were shared you should consult with an attorney if that type of property may become an issue. The joint owners may want to make wills that cover jointly owned personal property to make certain it passes to the survivor.
What happens to a bank account and real property held jointly when the primary owner dies?
When a decedent was the sole owner of property (real and/or personal) their estate must be probated for the property to pass legally to their heirs. If the decedent owned property (real and/or personal) as joint tenants with another person, full title to the property passes automatically to the surviving owner.
What is jointly owned holiday property called?
timeshare
