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 does the heirs inherit the whole amount?

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

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.