Full question:
my brother and daughter have a joint bank accounts. i am the sister. i have the power of attorney. my dies who is entitle to the funds
- Category: Wills and Estates
- Subcategory: Probate
- Date:
- State: Pennsylvania
Answer:
When a bank account is jointly owned, the type of ownership affects who inherits it after one owner dies. If the account is a survivorship account, it passes directly to the surviving owner without going through probate. This means it is not part of the deceased owner's estate and does not follow the will or state intestacy laws.
If the account is held as tenants in common, the deceased owner's share may go to their heirs, and the estate must go through probate to transfer that interest. Joint tenancy allows the surviving owner to take full ownership immediately upon the other owner's death, and it also bypasses probate.
State laws govern joint tenancy creation and its effects on property ownership. Each joint tenant has an equal interest in the whole property, and all must agree to any transfer or sale. If a joint tenant sells their interest, it converts the joint tenancy to a tenancy in common.
Tenants in common hold individual interests, which can be unequal, and there is no right of survivorship. Upon a tenant in common's death, their interest must be managed through probate.
To determine the specific ownership type of the account, check with the bank regarding any named beneficiaries and the account's terms. Remember, a power of attorney ends when the person who granted it dies.
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.