Saturday, April 11, 2009

Probate: No Will but Joint Tenancy

What happens if a person has no Will but everything is either in Joint Tenancy or a named beneficiary.

The law calls joint tenancy a non-probate transfer. The same with insurance or 401(k) accounts that have a named beneficiary.

However, not all property has a title or a contract that creates a joint tenancy or beneficiary. That property passes by way of the intestacy statute. Take a look at Indiana's intestacy statute and decide if you like how the statute divvies up your property. If you do not, then make an appointment for a Will.

Remember, if you want more information about retaining me for a case, please give me a call at 765-641-7906.