does he still need a will
Hello, my father is 78 years old and lives in Las Vegas, he owns a mobile home and the property it is on (the deed to this property is also in my name), and he has a savings account and he set it up with the bank that when he dies the bank will open 2 savings accounts 1 in my name and one in my sisters name and the money will be split between these accounts, that is all that he has and he insists that he does not need a will – is eveything protected the way it is now set up, thank you so much for your time, Linda
Re: does he still need a will
The answer depends upon how the names are in the Deed. If registered as joint tenants with right of survivorship, you seem to be OK. If this is not stated as such, or the Deed says tenants in common, he will need a Will, as tenants in common means he has an undivided 1/2 interest with you which he can pass on when he dies. JTROS allows you to become the sole owner on his demise, without anything else being done.
Walter LeVine
Walter D. LeVine, P. A.
23 Vreeland Road #102
Florham Park, NJ 07932
Re: does he still need a will
You don’t specify whether the title to the mobile home is also in your and your father’s names, jointly. The threshold beyond which probate is mandated in Nevada is only $20k, or $40k if the estate includes real estate. If all your dad’s possessions total more than that, he would certainly benefit from a will or, better yet, a living trust.
There is another potential problem here, though. By holding title to his land in your and his names, jointly, his lot is subject to YOUR debts, liens, levies and judgments, as much as his. In other words, if you were to be sued, incur an IRS lien, file bankruptcy, go through an unpleasant divorce, or otherwise place your assets at risk, your father could lose his lot because it is also considered an asset of yours. He should seriously consider homesteading his property (even mobile homes can be homesteaded in Nevada) if you are going to continue to hold joint title to the land.
Please let us know if my office can help your father with any of his plans for protection and disbursement of his assets.
Rick Williams
Law Offices of Frederick D. (Rick) Williams, Chtd.
5515 Wedekind Rd
Sparks, NV 89431-1147
Re: does he still need a will
If what you say is true – that your father’s total possessions consist of a mobile home with your name on the deed and a bank account that goes to you and your brother when he dies – then I guess he doesn’t really “need” a will. It is always safe, however to have a simple will directing things to go where your father wants them and to take into account other possessions such as cars, household items and any other contingencies that may come up between now and his passing. Otherwise such items (not including the bank account or mobile home) will go according to Nevada’s intestate laws and the local probate court or the equivilant will get involved and appoint an administrator. With a will an executor is appointed by your father. This is always best.
Eric Kochel
The Law Office of Eric David Kochel, Esq., P.C.
1230 Avenue of the Americas
New York, NY 10020