 Helpful Articles
from David Vollrath,
Union County Foundation Executive Director
The Foundation encourages you to work closely with your professional advisor(s)
as you develop your estate plan and consider your present and future charitable goals. |
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Myth #2 Regarding Wills -- “Joint Tenant Will Take Care of Other Siblings”
(Part of a series of articles on charitable giving and the Union County Foundation
by David Vollrath - Exec. Dir.)
Mary was a 76-year-old surviving spouse having lost her husband Tom five years ago.
Mary and Tom worked hard all their lives and as a result were able to buy a nice home resting on 75 beautifully
wooded rolling acres. They affectionately called the property "the ranch". When Tom passed away Mary
received title to the "ranch" because the couple held all their property as joint tenants with right
of survivorship. As the surviving spouse Mary became the outright owner upon Tom’s death.
Mary felt that the property transfer went so well that there was no need to hire an
attorney or have a will to deal with what would happen to the ranch when she died. Mary had two daughters, Kate,
the oldest, lived within 10 miles, and Jane who lived over 2000 miles away in Alaska. Mary reasoned that to make
things "real simple" she would now put the ranch in joint tenancy with Kate. Mary was certain that when
she died her daughter Kate would take "good care" of younger sister Jane as well as contribute to the
family church to set up the scholarship fund Mary had always promised.
Mary accomplished getting the deed to the ranch into joint tenancy with right of survivorship listing herself and
daughter Kate as joint owners. When Mary died the ranch became the sole property of Kate. When younger sister Jane
inquired about her inheritance from the ranch Kate stated that their mother wanted the ranch to go solely to her
(Kate). Since the relationship between Kate and Jane had become strained over the last few years Kate didn’t feel
any obligation to share the inheritance with her sister even though that was the intent of their mother. Setting
up the scholarship was even further from her mind. As you might guess Jane was not pleased with how the ranch became
the sole property of Kate and consequently pursued legal action. After both daughters expended lots of money litigating
the matter the end result was that Kate did end up owning the entire ranch, and the scholarship never was funded.
Clearly what transpired upon Mary’s death was far from what she had intended. Quite unintentionally daughter Jane
essentially was disinherited and Mary’s charitable intent was never fulfilled. These problems could have all been
easily avoided through a simple will.
The Union County Foundation is equipped to help you achieve your charitable goals and to answer questions you may
have regarding planned giving. Please call us at 937-642-9618, email info@UnionCountyFoundation.org, reference our website at www.emarysville.com/unioncountyfoundation, or stop by our Marysville
office at 126 N. Main St. We are committed to helping you.... “preserve your footprint in time.” |
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