I am co-owner of a checking account with my mom. We live in Texas. When my mom dies, does this account become mine, or is it part of the estate?
You will need to check with the bank to determine whether the account was established with the rights of survivorship. According to Texas law, the fact that an account is jointly owned does not presume rights of survivorship; there must be an agreement to survivorship between the joint owners and the bank.
If the account is held with rights of survivorship, if one owner dies before the other, the survivor gets ownership of the funds remaining in the account. Otherwise, the decedent's share of the account would go to his or her estate.
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You will need to check with the bank to determine whether the account was established with the rights of survivorship. According to Texas law, the fact that an account is jointly owned does not presume rights of survivorship; there must be an agreement to survivorship between the joint owners and the bank.