Question

alice died with the following property , house in joint tenancy with her boyfriend, stocks owned individually bank act, and her household goods. what sch must her executor complete

Answer 1

Alice died with the following:-

Property held in joint tenancy, tenancy by the entirety, or community property with right of survivorship automatically passes to the survivor when one of the original owners dies.

• Real estate, bank accounts, vehicles, and investments can all pass this way. No probate is necessary to transfer ownership of the property.
• But, even though the survivor automatically owns the property, the world has no way of knowing that until the survivor "clears title" to the property. Generally, all the surviving owner needs to do to clear title is fill out some simple documents and submit them to the proper office or agency.
• If you're an executor appointed in a will, then technically joint tenancy property does not come under your authority.

HOUSE IN JOINT TENANCY:-

• Joint tenancy is sometimes called "joint tenancy with right of survivorship." Historically, joint tenancy ownership implied that a joint tenant lost all interest in their property when they died.
• The deceased person's interest was automatically transferred to the other joint tenant. So, in a joint tenancy, the last surviving joint tenant owned all the property outright.

Stocks owned individually bank act:-

• The process for changing the name of the record owner of securities (stocks and bonds) depends on how the securities were owned. Did the owners have stock certificates or, as is much more common, were the stocks held in a brokerage account?
• if one share certificate is in the individual name and another certificate is jointly with somebody, two different
  accounts would have to be opened.
• If the deceased person possessed actual stock or bond certificates, you'll need to have them reissued in the surviving co-owner's name. You'll need to contact the corporation's transfer agent (listed on the back of the stock certificate) for instructions on what forms and documents are necessary. Or, if the stock isn't publicly traded, there won't be a transfer agent, so you'll have to deal directly with the company.

VEHICLE:-

• If a car or other vehicle (motorcycle, RV, or small boat) was owned in joint tenancy, tenancy by the entirety, or as survivorship community property, it should be easy to get title transferred into the name of the surviving co-owner.

Bank Accounts:-

• If the deceased person owned an account in joint tenancy (or in tenancy by the entirety or as survivorship community property) with someone, the surviving co-owner can still use the money in the account after the death.Getting the bank account shifted into the name of the survivor is usually simple.
• The surviving joint tenant should take a certified copy of the death certificate to the bank, along with the checkbook or savings account passbook. The bank will change the ownership records