Will/Probate question

[feldmutze]

A recent "Wills" thread got me to look at our car titles & home deed. The deed is in both mine & wife's name (no & or OR.) Both vehicle titles are in mine OR my wife's name. Am I good to go in Tennessee in keeping these out of Probate Court?

 

[MoonBuzzard]

I dont understand what you're asking. Whoever dies first unless specified it should automatically transfer to the other person. You or her accordingly.

 

[feldmutze]

I dont understand what you're asking. Whoever dies first unless specified it should automatically transfer to the other person. You or her accordingly.

The vehicle titles states my name OR my wife's name. I thought wording AND or OR made a difference.

 

[MoonBuzzard]

The vehicle titles states my name OR my wife's name. I thought wording AND or OR made a difference.

I have most if not all mine titled as OR which allows her to sign it in my absence or my death. Works the other way too. I did that so if one of us dies the other doesn't have all the trouble of getting the names changed.

 

[Jon54]

I believe in TN assets go to the wife, if still living then to the kids, unless a will states otherwise.

 

[spur necklace 3]

I’ll try to answer the legal side of this as best I can without saying anything for sure. Technically speaking real estate passes outside of the estate, I’ve heard judges say that many times. As for the vehicles if that’s all your looking at when the time comes it would probably benefit you to sit down with an attorney and go over the options. There are other things to do besides open a full blown estate if you’re not dealing with much, and they could also go over all the relevant time frames with you.

 

[Bullit]

I don’t want to high jack feldmutzes question but what happens if everything goes to the kids? And one doesn’t agree with everyone else and doesn’t sign said agreement. What happens to everything then?

 

[spur necklace 3]

I don’t want to high jack feldmutzes question but what happens if everything goes to the kids? And one doesn’t agree with everyone else and doesn’t sign said agreement. What happens to everything then?

Doesn’t agree on how it should be distributed by way of a will or without a will?

 

[Snake]

The vehicle titles states my name OR my wife's name. I thought wording AND or OR made a difference.

That's the way you want ...if you and the wife is on good terms that is .

 

[GUNNERX2]

I don’t want to high jack feldmutzes question but what happens if everything goes to the kids? And one doesn’t agree with everyone else and doesn’t sign said agreement. What happens to everything then?

Lawyers will make bank.

 

[Bullit]

Doesn’t agree on how it should be distributed by way of a will or without a will?

Without a will. Or one that isn’t notarized.

 

[spur necklace 3]

Without a will. Or one that isn’t notarized.

More than likely it would either be resolved by a mediator or judge.

 

[BlackBelt]

Usually in TN jointly owned bank accounts, jointly owned real estate, and jointly owned vehicles do not go through probate.
The key is "jointly owned".