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If I am jointly on a checking account and the other party becomes deceased, who gets the money?

If I am jointly on a checking account and the other party becomes deceased, who gets the money?

Q: What happens if no beneficiary is named on bank account?

If no beneficiary is named on a bank account, the funds typically become part of the deceased's estate. They will be distributed according to the terms of the will or, if there is no will, according to state intestacy laws. This process may involve probate court.

Q: Who has access to bank accounts when someone dies?

Access to a deceased person's bank accounts is usually limited to joint account holders or individuals named as executors in the will. If the account does not have joint ownership or a designated beneficiary, the funds may be frozen until the estate is settled through probate.

Q: Can families withdraw money from a deceased bank account?

Families cannot withdraw money from a deceased person's bank account unless they are joint account holders or have been granted access through legal means, such as being named in the will. If not, the funds will typically be subject to probate proceedings.

Q: What happens when one owner of a joint bank account dies?

When one owner of a joint bank account dies, the surviving owner usually retains full access to the account if it has a right of survivorship. If not, the deceased's portion may go through probate, and the funds could be distributed according to the deceased's estate plan or state law.

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?

Category: Wills and Estates
Subcategory: Probate
Date: 04/07/2025
State: National

Answer:

Simply being a joint account is not enough to exclude the funds from the probate estate -- the accounts must also be held with right of survivorship, either expressly or implied under law. The signature card you and the other account holder signed should tell you whether there are survivorship rights to the money.

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 a family member access a deceased person's bank account?

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.