If I am jointly on a checking account and the other party becomes deceased, who gets the money?
Full Question:
If I am part owner of a checking account, and the other owner expires, am I allowed to withdraw the entire balance, or do the heirs inherit the whole amount?
02/14/2007 |
Category: Wills and Es... ยป Probate |
State: ALL |
#698
Answer:
Simply being a joint account is not enough to exclude the funds from the probate estate -- the accounts must also be held with right of survivorship, either expressly or implied under law. The signature card you and the other account holder signed should tell you whether there are survivorship rights to the money.