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If I am part owner of a checking account, and the other owner expires, am I allowed to withdraw the entire balance, or does t...

If I am part owner of a checking account, and the other owner expires, am I allowed to withdraw the entire balance, or does t...

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 does the heirs inherit the whole amount?

Category: Wills and Estates
Subcategory: Probate
Date: 04/07/2025
State: National

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.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What happens when one owner of a joint bank account dies?

When one owner of a joint bank account dies, the surviving account holder typically retains access to the account. However, the specific rights depend on how the account is structured. If the account has rights of survivorship, the surviving owner automatically inherits the funds. If not, the funds may be subject to probate and could be distributed according to the deceased owner's will or state law. It's essential to review the account's terms and any applicable state laws.

Can you still withdraw money from a joint account if one person dies?

Yes, you can generally withdraw money from a joint account if one person dies, provided the account has rights of survivorship. In this case, the surviving owner becomes the sole owner of the account and can access the funds. If the account lacks survivorship rights, the funds may be frozen pending probate proceedings, and access could be restricted until the estate is settled.

Does a joint bank account get frozen when one person dies?

A joint bank account may be frozen when one person dies, especially if there are no rights of survivorship. In such cases, the bank may require legal documentation, such as a death certificate or a court order, before allowing withdrawals. If the account has survivorship rights, the surviving owner typically maintains access to the funds without freezing.

Who owns rights to a joint account if one dies?

If one owner of a joint account dies, the surviving account holder usually retains full rights to the account, especially if it has rights of survivorship. However, if the account does not have these rights, the deceased owner's share may go through probate, and the funds could be distributed according to their will or state law. It's crucial to check the account's terms and applicable laws.