Can a savings account be opened in a spouse's name in Louisiana?

Full question:

Before a spouse passes away, can money in a savings account be opened in the other spouse's name as long as the account read Mr. or Mrs.? Once this done, does this new account become community property in Louisiana?

Answer:

In Louisiana, both spouses typically need to sign to open a joint savings account. Louisiana is a community property state, meaning that property acquired during the marriage is generally owned equally by both spouses. A spouse's separate property, which includes assets obtained before marriage or through gifts or inheritance, remains with that spouse. Upon divorce, community property is divided equally, while necessary personal property for the safety and well-being of the spouse filing for divorce and any dependent children is awarded to that spouse.

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

If the husband dies and the wife is not listed on the bank account, the funds in that account may not automatically transfer to her. Instead, the account will typically be considered part of the husband's estate. The wife may need to go through probate to access those funds, depending on the account's terms and any estate planning documents in place.

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