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

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

Q: Can you still withdraw money from a joint account if one person dies?

Yes, you can usually withdraw money from a joint account after one owner dies, provided the account has rights of survivorship. If it does not, the account may be subject to probate, and access to the funds may be restricted until the estate is settled.

Q: Does a joint bank account get frozen when one person dies?

A joint bank account does not automatically get frozen when one person dies, especially if it has rights of survivorship. However, if there are disputes or if the account lacks survivorship rights, the bank may freeze the account until legal matters are resolved.

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

If a joint account has rights of survivorship, the surviving owner automatically gains full rights to the account. If there are no survivorship rights, the deceased owner's share may pass to their heirs, and the account may be subject to probate proceedings.

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 does the heirs inherit the whole amount?

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

Answer:

Being a joint account owner does not automatically exclude the funds from probate. The account must have right of survivorship, which may be stated explicitly or implied by law. Check the signature card you and the other account holder signed to see if it includes survivorship rights for the funds.

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

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

When one owner of a joint bank account dies, the surviving owner typically retains access to the account. If the account has rights of survivorship, the funds automatically pass to the surviving owner. However, if the account does not have this provision, the deceased owner's share may go through probate, and the heirs may inherit those funds.