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Who gets the money if someone dies who is jointly on a bank account?

Who gets the money if someone dies who is jointly on a bank account?

Q: Does executor have access to joint bank account?

Generally, an executor does not have access to the funds in a joint bank account after one owner passes away. The surviving co-owner retains the right to the funds due to the right of survivorship. The executor's role primarily involves managing the deceased's estate, not joint accounts.

Q: Who owns the money in a joint bank account when one dies?

When one owner of a joint bank account dies, the surviving co-owner typically becomes the sole owner of the funds. This is due to the right of survivorship, which means the surviving owner automatically inherits the deceased owner's share of the account.

Q: Does the right of survivorship override a will?

Yes, the right of survivorship generally overrides a will regarding joint accounts. This means that the funds in a joint account go directly to the surviving co-owner, regardless of what the deceased's will states. It's essential to consider the account's ownership structure when planning an estate.

Full question:

Joint with Survivorship (not as tenants in common) Bank accounts. Does the executor of the living co-owner have a right to the funds in the account upon the death of one of the owners?

Category: Wills and Estates
Date: 04/07/2025
State: Rhode Island

Answer:

Typically, the survivor would receive the proceeds of a joint bank account, but it depends on the type of account and other factors.

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

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

Yes, typically, the surviving co-owner can withdraw money from a joint account after one owner dies. The right of survivorship allows the surviving owner to access the funds without needing to go through probate. However, it's important to check the specific terms of the account and any applicable state laws.