Often financial accounts are shared. This is especially true in the case of spouses, but can also occur with business partners, relatives, or friends. The difficulty occurs when one of the account owners passes; a right of survivorship, thus, is a good estate planning tool that can help prevent the issues that will arise in such case. A West Palm Beach estate planning attorney can assist you with setting up such an account.
A West Palm Beach Estate Planning Attorney on Right of Survivorship
You West Palm Beach estate planning attorney will tell you that a right of survivorship account enables the surviving individual(s) ownership of the entire account following the death of one owner. The right of survivorship will override the dictates of a will or trust.
In some cases a right of survivorship may be presumed. This especially can be the case with spouses. However, it is better to be safe and have a right of survivorship in place to avoid any confusion or conflict later.
As a West Palm Beach estate planning attorney can attest, one common problem that occurs when a right of survivorship is not in place is with business partnerships. The death of the one partner can leave that share of the account in a sort of legal limbo until it can be sorted out by a court. Moreover, survivors of the decedent may try to lay claim to that portion of the assets. Such confusion can lead to significant damage to the company, and in some cases closure of the business.
For Assistance from a West Palm Beach Estate Planning Lawyer
If you have questions about setting up a right of survivorship account, or need assistance with another estate planning matter, call a West Palm Beach estate planning attorney who has the experience and knowledge to help. Call Al Morici, Attorney at Law, at 561-471-2551.