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Joint Tenancy Bank Accounts And Kids From Different Marriages


Holmes vs Beatty - Lawsuit over inheritance issues - (summary below -remember I am not giving legal advice!)
Thomas and Kathryn Holmes married 1972.  They amassed $10,000,000 in brokerage accounts and security certificates. Kathryn died and her will said her son from a previous marriage was the executor. Kathryn intended for her children to get her share of her estate.  Thomas died 9 months later (of a broken heart?). His son, Harry, from a previous marriage was the executor of Thomas' estate.
Looks like the kids of Kathryn would get half and the kids of Thomas would get the other half.   Not so!
Because the bank accounts were structured as JT TEN and JT WROS (joint tenancy) all the money went to the husband when Kathryn died. Then when Thomas died everything went to HIS kids.
Her will gave everything to her kids and his will gave everything to his kids but....
Do you think either Thomas or Kathryn understood that the money would go to only his kids? Probably not since each had a will leaving what they had to their kids BUT the Texas Supreme Court said too bad!  They said the law is the law and ... more

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