If I was jointly on my mother's bank accounts, do they pass to me now that she is deceased?

01/03/2007 - Wills and Estates - State: FL #71

Full Question:

Father passed away Sept. 22, 2005. Mother then came and lived with me in October of 2005 and has lived with me ever since. She sold her house and ended up with almost $54,000. She gave each of the 3 siblings $10,000. In the meantime, when she came to Florida from New York to live with me, she told me that if anything ever happened to her, her money would be mine since the other two siblings would not take care of her. She added my name to her three bank accounts. They were in her name and mine. Either my mother or I could write checks on that account. She has now passed away. Are any of the other siblings or relatives of my mother entitled to any money from these accounts?

Answer:

Many individuals have their bank accounts and other investments titled jointly with another person or persons. (i.e. John Doe and Jane Doe, as joint tenants with rights of survivorship). The effect of a bank account titled in this manner is that the financial institution will accept the signature of either of the persons named on said account, thus enabling either person to sign checks and make withdrawals from said account. In addition, assets owned in this manner automatically pass to the survivor upon the death of one of the joint owners.



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01/03/2007 - Category: Wills and Estates - State: FL #71

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