[WSBAPT] jtwros account intended to go to multiple kids

[Martin Silver]

Why not a an agreement between the two children, reciting that M didn’t 
intend to make a gift and the JT was a poor person's power of attorney, so 
that M died intestate and the result is a split between the kids to avoid a 
lengthy, etc., contest.? Tax basis can be other ways established, but the 
creditor issue may remain a problem/

-----Original Message----- 
From: Krista MacLaren
Sent: Tuesday, January 05, 2016 9:19 AM
To: wsba probate & trust
Subject: [WSBAPT] jtwros account intended to go to multiple kids

Hi Listmates,

I have a potential client whose mother died.  No Will, no real estate, only 
non-probate accounts.  There are two children of decedent - client and 
sibling.  For convenience, Mom made client a joint owner on her investment 
accounts, held JTWROS.  This is the bulk of the estate, nearly $500,000. 
Client ntends to pay his sister her half, but i am wondering how he should 
do that.  We don’t want him to have to gift the money to sister.  If he 
disclaims half, then would a probate be required because it would then be in 
the estate?  What is the best way to handle this situation?  I have never 
handled this for such a large account.

Thank you!

Krista J. MacLaren
Attorney at Law
9725 3rd Ave NE, Suite 600
Seattle, WA 98115
(206) 523-6116

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