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:
- State: Mississippi
Answer:
In Mississippi, a joint account creates a presumption of joint tenancy with right of survivorship (Miss. Code Ann. § 81-5-63). This means that when money is deposited in a joint account, it is presumed that all account holders intend for the surviving account holder(s) to own the account after one dies. The bank can pay the surviving account holder(s) without liability to anyone else, including relatives or beneficiaries.
In Florida, similar principles apply. Florida law also recognizes joint accounts and generally protects them from claims by third parties. If your father's wife, your brother, and you are joint account holders, the funds in that account would typically pass to the surviving account holders upon her death, regardless of any claims from the grandchildren or nieces. However, specific circumstances can affect this, so consulting with a Florida attorney for personalized advice is recommended.
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.