Can I withdraw all funds from a joint checking account after the co-owner dies?

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 do the heirs inherit the whole amount?

Answer:

Simply being a joint account holder does not automatically exclude the funds from probate. For the funds to pass directly to you, the account must have right of survivorship, either explicitly stated or implied by law. You can check the signature card you both signed to see if it includes survivorship rights.

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

Generally, family members cannot access a deceased person's bank account unless they are authorized signers or the account has a right of survivorship. If the account does not have survivorship rights, the funds may need to go through probate, where the court decides how to distribute the assets according to the will or state law.