What happens if two Montanans who own land or financial accounts in joint tenancy die in the same accident?
A statute passed by the Montana legislature provides a method of distribution of property held in joint tenancy whenever the last joint tenant fails to survive the other by 120 hours (five days). If this should occur, or if it cannot be determined whether one survived the other by 120 hours, one half of the property is distributed to the devisees, or heirs, of one joint tenant and one half to the devisees, or heirs, of the other joint tenant. This statute applies unless the decedents have written wills that contain language dealing explicitly with deaths in a common disaster, or requiring that the beneficiary survive the testator (person who makes a written will), or survive the testator for a stated period, before receiving an inheritance under the will. Example: Parent and child, John and his father, own property as joint tenants with right of survivorship. If they die within five days of one another, the property is divided one-half to John’s wife because she is his survivor, and th
Related Questions
- What happens to the accounts if both the spouses are maintaining individual accounts and not any joint account and one of them expires ?
- What happens if two Montanans who own land or financial accounts in joint tenancy die in the same accident?
- Should Spouses Always Take Title to Land in Joint Tenancy or Survivorship Marital Property?
