If I am jointly on a bank account and the other person dies, do I get the money in the bank?

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:

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

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.