BUS415 Tutorial - 7066

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Question
A father sets up a JTWROS bank account with Son A. This account holds almost all of the father's property. The JTWROS account is set up this way just for convenience because the other son, Son B, lives in another country. The father dies and his 
Will leaves his entire estate to his 2 sons, split 50/50. However, the 2 brothers hate each other, and Son A says to Son B "tough luck, I'm keeping all the money and not sharing with you". What happens? (100 word)


 

Question
Tenants in common can own interest in the same piece of property with different apportionments, while joint tenant share the same percentage of interest in the property. Is that correct?
(100 word)

 

 

Question
I noticed in a tenant in common they can transfer the portion of the property at certain times. In a joint tenancy can you transfer the portion or sell it to someone else during anytime in the contract.  So in a situation where a husband and a wife own a house together, I think the only way they can change the deed or contract by rewriting the mortgage.  I cannot find anything stating that is different.  What are the laws on changing ownership status without the survivorship playing a part?
(100 word)

 

Question
I think it's interesting that all contracts can be enforced. Even if someone does not initially understand a contract, the end result remains legal. When it comes to the recent debacle in the housing market, I tend to feel bad for people that took sub-prime loans, but I also point to personal responsibility. The deal was too good to be true so there must have been a catch, right? I know it's a touchy subject, but both sides have a fair argument. One claims they were taken advantage of while the other says buyers should have read the fine print. Both banks and individuals were affected. People lost homes and banks lost money, customers, and respect.
At any rate, there is a question here. Legally speaking, who is actually at fault regarding sub-prime loans? I would say the buyer's legally culpable. Ethically speaking, we can give some share of the blame to the banks, but the buyers did choose to sign contracts. Without properly researching and learning the details, a buyer never should have signed. Initialed and signed some more. But back to the question, who's legally responsible?  (100 word)

 

Solution Description

Question
A father sets up a JTWROS bank account with Son A. This account holds almost all of the father's property. The JTWROS account is set up this way just for convenience because the other son, Son B, lives in another country. The father dies and his 
Will leaves his entire estate to his 2 sons, split 50/50. However, the 2 brothers hate each other, and Son A says to Son B "tough luck, I'm keeping all the money and not sharing with you". What happens? (100 word)

 

Answer
In most of the states in USA, sums remaining on deposit when joint tenant to a bank account dies pass on to the surviving tenant only if there was a written agreement signed by the party who dies. Many people believe that they do not need a will if they have a join