see trouble coming

[wenchris]

What is the name of your state (only U.S. law)? NY
I have an elderly uncle that I have been taking care of for 15 years.
The first 5 not so much but the past 10 alot.
He is 86 years old. He has a lawyer that is 83 who he has been getting legal advise from.
He has put my name on 2 bank accounts as joint ownership. however he pays the taxes on it yearly for any interest earned. He also has me on a stock porfolio as co-owner. There is a checking account and one more savings that has only his name. His lawyer has told him as long as he has me on his account as co or joint owner he does not need a will. There are other nephew and nieces and i'm just wondering if this is going to be a problem for me. And if thats not enough He is looking to buy the home that he has been renting an apartment out of for the past 40 years, he has told me that he is going to put my name on that to so it won't be a problem later. I only see headaches ahead of me. Any advise given will be greatly appreciatedWhat is the name of your state (only U.S. law)?

 

[TLT]

to answer your questions

any accounts that you are named as co owner will go straight to you, and should bypass probate and the will, essentially you already own them. as for the house if it is titled properly it will again go straight to you bypassing probate and the will.

It would be very difficult for anybody to contest these transfers unless the can prove that you uncle was unfit to make those decisions when he made them.

I am not a lawyer but i play one on the internet.
actually i just finished helping settle an estate and this is my understanding of how things worked in our case.

TT

 

[FancyForrester]

What is the name of your state (only U.S. law)? NY
I have an elderly uncle that I have been taking care of for 15 years.
The first 5 not so much but the past 10 alot.
He is 86 years old. He has a lawyer that is 83 who he has been getting legal advise from.
He has put my name on 2 bank accounts as joint ownership. however he pays the taxes on it yearly for any interest earned. He also has me on a stock porfolio as co-owner. There is a checking account and one more savings that has only his name. His lawyer has told him as long as he has me on his account as co or joint owner he does not need a will. There are other nephew and nieces and i'm just wondering if this is going to be a problem for me. And if thats not enough He is looking to buy the home that he has been renting an apartment out of for the past 40 years, he has told me that he is going to put my name on that to so it won't be a problem later. I only see headaches ahead of me. Any advise given will be greatly appreciatedWhat is the name of your state (only U.S. law)?

Every bank account that you share jointly with your uncle will automatically belong to you when he passes. The stock portfolio, I am not so sure about. As for the house he wants to buy, that could be very messy if there is no will. Unless the house is put into your name solely as the owner, there could be complications if your uncle dies without a will. If you co-own the house with your uncle, your uncle's share of the house could be disputed by the other nieces and nephews since he didn't leave a will and they could argue that they are legally entitled to it as you would be. It's always best to make a will, so I would advise you to have your uncle draw one up. You can even make a will yourself these days if you don't want to pay an attorney as long as you are sure to get all of the right forms and have it witnessed and all that to see that it can't be disputed later on.

 

[ChrisParker]

Joint Ownership- NOT Co-Ownership

I am only familiar with Maine Real Estate Law, so check with a real estate attorney in your state. In Maine, Joint-tenancy (most married couples have this, but any two people can...) will automatically transfer your father's "share" to you upon his death. There is nothing for anyone to contest. If you died first, your uncle would get your share. HOWEVER, if you buy as Co-Owner's, your half belongs to your estate and your uncle's half belongs to his estate. His portion can go to whomever his will dictates and relatives can fight over it if they wish to do so. So be sure you know what kind of "estate" he/you set up when he/you buy real estate.