Who does money go to that is held in joint bank account when one party becomes deceased?

Full question:

My Father and his wife lived in Florida. Father's wife had a joint checking account with her elderly mother in Mississippi. This account had approximately $200,000.00. The Mother passed away. Three grandchildren (nieces of my father's wife) filed suit claiming their share of the $200,000.00. There is on file a letter from the attorney for my Father's wife's in Mississippi stating that a Mississippi statute protects the money from any claims by the grandchildren or nieces, because it was jointly held. Fast forward, my father died unexpectedly at their home in Florida. Last fall he had my brother and I put on all of their checking accounts jointly. My father's wife's will (she is not deceased but is dealing with Alzheimer) leaves her estate to her husband (now deceased) and her nieces. My question--- Is their a statute in the state of Florida similar to the one in Mississippi that leaves that money that is jointly held by my father's wife, my brother and myself to the 3 of us? i.e. is it protected from any claims by the grandchildren/nieces?

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

Answer:

In Mississippi, the deposit of money in a joint account raises a presumption of joint tenancy with right of survivorship (Section 81-5-63).

Section 81-5-63 provides:

When a deposit has been made or is hereafter made in the name of two (2) or more persons, payable to any one (1) of those persons, or payable to any one (1) of those persons or the survivor, or payable to any one (1) of those persons or to the survivor or survivors, or payable to the persons as joint tenants, the deposit or any part thereof or interest or dividends thereon may be paid to any one (1) of those persons, without liability whether one or more of those persons is living or not, and the receipt of acquittance of the person so paid shall be a valid and sufficient release and discharge to the bank for any payment so made. The making of a deposit in that form, or the making of additions thereto, shall create a presumption in any action or proceeding to which either the bank or any survivor is a party of the intention of all the persons named on the deposit to vest title to the deposit and the additions thereto and all interest or dividends thereon in the survivor or survivors. Any bank may pay to the successor of a deceased depositor, as defined in Section 91-7-322(2), without necessity of administration, any sum to the credit of the decedent not exceeding Twelve Thousand Five Hundred Dollars ($12,500.00), without liability to any other persons, relatives or beneficiaries, and the receipt of acquittance of the person so paid shall be a valid and sufficient release and discharge to the bank for any payment so made. This section shall apply to all banking institutions, including national banks and postal savings banks within the state. The term "deposit" as used in this section shall include, but not be limited to, any form of deposit or account, such as a savings account, checking account, time deposit, demand deposit or certificate of deposit, whether negotiable, nonnegotiable or otherwise.

Also, when the account is opened, it is common practice for a bank in Mississippi to have the depositors sign an agreement to the effect that on the death of one depositor, the survivor becomes the sole owner of the account.