US Legal Forms
Legal Resources
Questions & Answers
Banking laws
What happens with a joint checking account when one person dies?

What happens with a joint checking account when one person dies?

Q: Who owns rights to a joint account if one dies?

Typically, if a joint account has a right of survivorship, the surviving account holder automatically owns the account and its funds upon the other account holder's death. If there's no right of survivorship, the deceased's share may be included in their estate and distributed according to their will or state law.

Q: Do joint bank accounts automatically have right of survivorship?

Not all joint bank accounts automatically have a right of survivorship. This depends on how the account is set up. You should check with the bank or review the account documentation to determine if this right applies.

Q: Does a joint bank account automatically go to the survivor?

Yes, if the joint bank account includes a right of survivorship, it typically passes automatically to the surviving account holder upon the death of the other account holder. If there is no such designation, the account may be treated as part of the deceased's estate.

Q: How do I know if my joint bank account has a right of survivorship?

To determine if your joint bank account has a right of survivorship, check the account documentation or contact your bank directly. They can provide information on the account's terms and whether that right is included.

Full question:

My ex husband recently passed away. We have been divorced for 2 years, but we had a joint checking account that he did not close out because he did not want to have to change his direct deposit information. What happens to the checking account seeing how my name is still on it? Does that make me liable for any bills? I currently live in KY, but the account is in New York where we lived. He stayed in New York.

Category: Banking laws
Date: 04/07/2025
State: Kentucky

Answer:

Typically, a joint account is divided during a divorce, so I sugest reviewing the property settlement agreement with your attorney. I suggest calling the bank to determine if you have a right of survivorship in the account.

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

Is a joint bank account considered part of the deceased estate?

Yes, a joint bank account can be considered part of the deceased's estate, but it often depends on the account's terms. If the account has a right of survivorship, the surviving account holder may automatically inherit the funds. It's important to review the account agreement and consult with an attorney to understand your specific situation.