Does my husband need a Willif everything is in our names andI am the beneficiary?

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Does my husband need a Willif everything is in our names andI am the beneficiary?

We have 2 grown kids and not alot of assets.

Asked on January 5, 2012 under Estate Planning, Arizona

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You are doing some estate planning here which is a good thing.  Technically if ll assets are jointly held they will pass to you automatically "by operation of law" at the time of your husband's death (or yours for that matter).  I would, though, make sure that they are properly listed as joint assets with rights of survivorship in the case of real property.  You may want to consult an accountant about tax ramifications and the possibility of a trust so when the last of you passes the tax issue is not too great for your children.  Good luck.


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