Nonprobate transfers via joint ownership
This is a discussion on Nonprobate transfers via joint ownership within the Wills, Trusts, Estates forum, part of the FAMILY LAW, DIVORCE, CUSTODY category; Q: A Jumbo CD (of $200,000) is held as "Party 1 OR Party 2" and the interest has been reported ...
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Feb 8th, 2008, 07:37 PM
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Nonprobate transfers via joint ownership
Q: A Jumbo CD (of $200,000) is held as "Party 1 OR Party 2" and the
interest has been reported under SS # of Party 1. Upon the death of Party 1, is the "OR" designation technically the same as "AND" (implying joint ownership) or how is such "OR" titling to be interpreted? Does Party 2 assume legal ownership of CD upon death, outside of probate? A different account was held as joint with an "AND" statement, but this "OR" designation seems unclear. Any thoughts? |
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