Joint Ownership Will
I. Declaration
I, [Your Name], hereby declare this to be my Will, and I revoke all prior Wills and codicils. This Will reflects the joint ownership arrangements with [Joint Owner's Name] and provisions for the distribution of my share of jointly owned properties and assets upon my decease.
II. Appointment of Executor
A. I hereby appoint [Executor's Full Name] of [Executor's Full Address] as the executor of this Will.
B. If [Executor's Full Name] is unable or unwilling to serve, I appoint [Alternate Executor's Full Name] as the alternate executor.
III. Details of Joint Ownership
In this section, we, [Your Name] and [Joint Owner's Name], affirm our joint ownership of the following assets and are subject to the conditions outlined below:
IV. Distribution of Jointly-Owned Assets
Upon the event of my passing, my interest in the joint assets listed above shall pass to [Joint Owner's Name] in accordance with the principle of right of survivorship, except as otherwise stipulated below:
Real Estate Property:
If one owner passes away, their share shall transfer to the surviving owner.
If both owners pass away simultaneously or within a short period, the property shall be distributed as follows:
If there are surviving dependents, such as minor children, the property shall be held in trust for their benefit until they reach adulthood, at which point it shall be distributed equally among them.
If there are no surviving dependents, the property shall be sold, and the proceeds shall be divided equally among the designated beneficiaries named in this Joint Ownership Will or according to the laws of intestacy if no beneficiaries are named.
Bank Accounts:
Upon the passing of one owner, the remaining balance in joint bank accounts shall become the sole property of the surviving owner.
In the event of simultaneous passing, the funds shall be distributed according to the instructions provided in this Will.
Investments:
V. Personal Property and Remaining Assets
All my personal properties, including assets not jointly owned, shall be distributed as follows:
VI. Guardian for Minor Children
In the event that both owners pass away simultaneously or within a short period, provisions shall be made for the guardianship and care of any dependents, including minor children or elderly relatives. This includes the designation of guardianship and allocation of funds for their care and upbringing.
VII. Signatures
This Will was signed and declared by [Your Name] and [Joint Owner's Name] on the 20th day of January 2050 in the presence of two witnesses, both present at the same time. Under penalty of perjury, we hereby attest to witnessing the signing of this Will and believe them to be of sound mind.
Testator
Name: [Your Name]
Address: [Your Address]
Joint Owner
Name: [Your Name]
Address: [Your Address]
Witness 1
Name: [Witness 1 Name]
Address: [Witness 1 Address]
Witness 2
Name: [Witness 2 Name]
Address: [Witness 2 Address]
VIII. Notary
On this 20th day of January 2050, before me, [Notary's Name], a notary public in and for the said state, personally appeared [Your Name], known to me to be the person described in and who executed the foregoing instrument, and acknowledged that he/she executed the same as his/her free act and deed.
Notary Public: [Notary's Name]
My Commission Expires: [Expiration Date]
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