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Are Father's Accounts Part of His Estate?
My father had my name on both his savings and checking accounts. He recently passed. There is a Will with my sister as executor. Are these accounts part of his estate?
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 Whether the accounts are part of your father's estate depends on how your name appeared on the bank's records. If they were set up as joint accounts, sometimes called a joint tenancy, with rights of survivorship, the most common form of joint account ownership, and you were one of the joint owners, ownership of the accounts becomes yours on your father's death, and does not pass through the estate.
If the accounts were established in your father's name, but designated as payable on his death to you, the accounts became yours and not part of the estate. If the accounts were established in your father's name, and you were designated as a courtesy or authorized signer, not an owner, or he designated you as a signer under authority of a power of attorney, the accounts would become part of the estate. Mention of the accounts in your father's Will would ordinarily not affect ownership after his death.
Published on BankingQuestions.com 12/03/08
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