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Home >> Special Situations >> Deceased Individuals
Said? Written? What Governs Who Gets the Money?
My aunt just recently passed away. Prior to her passing, she had an account with another niece. She informed me prior to her death that if something were to happen to her, fifty percent of the account would go to her niece (named on the account) and the other fifty percent to the estate. Who would have set this account up, the bank? Her estate attorney informed me that he called the bank, but they won't release any information. They said that since it was a joint account, it should all go to her. I feel as though this should be checked out thoroughly, and so do some of the other family members. How should I pursue this? If the niece goes to collect, is there a flag at the bank that will state she is only entitled to half?
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 Your aunt's oral wishes, unless converted into action on her part to change the account designation or split the account up to carry out her wishes, probably doesn't have any legal effect. The bank is bound by its deposit contract, and if the contract dictates that the funds belong to her niece, that's how the bank has to proceed. If the legal representative of the estate wishes to attempt to overturn the account provisions, he or she will have to take the matter to court.
Published on BankingQuestions.com 1/21/10
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