Evil Brother in Law

[lewtex]

What is the name of your state? New York

My wife's mother is in her 80's and ill. She does not have a will. All of her assets (bank accounts, stocks, bonds) are jointly owned with her son utilizing both his and her social security numbers. Does my wife have a basis to claim any of her mother's assets since they are jointly owned with her brother (absent a will)?

 

[anteater]

Does my wife have a basis to claim any of her mother's assets since they are jointly owned with her brother (absent a will)?

Assuming that you mean that these assets are held with right of survivorship, then no. And, that would be the case if wife's mother passes away with or without a will. The form of ownership takes precedence over the terms of a will or the state's intestacy provisions.

It might be possible to argue that wife's mother was not competent to establish the joint ownership or that BIL obtained joint ownership through undue influence or deceit. In some states, an argument could be made that the titling was established only for convenience purposes and was not meant to actually convey ownership. But, your wife needs facts to make any of these claims and she would need to be prepared to spend a tidy amount on attorney's fees.

 

[Dandy Don]

Does he also have power of attorney and is she mentally incompetent or not?

 

[lewtex]

What is the name of your state? New York

My wife's mother is in her 80's and ill. She does not have a will. All of her assets (bank accounts, stocks, bonds) are jointly owned with her son utilizing both his and her social security numbers. Does my wife have a basis to claim any of her mother's assets since they are jointly owned with her brother (absent a will)?

The reason BIL co-mingles assets is not so much as to keep sister from receiving inheritance but more so to hide undeclared income from IRS.

 

[Dandy Don]

Your wife needs to discuss this with her mother to find out what her true intentions are in setting up the designations that way. Maybe she can sweet talk her into adding your wife's name to the assets as well. And also ask is it her intent to not have a will.