CONTENT

  DEPARTMENTS



  DETAILS
Legend for Icons
 Article    Q&A

 Podcast  Video

 Blog  Discussions

PDF    Powerpoint
BankingQuestions.com Web

  Home >> Special Situations >> Deceased Individuals  
Does Joint Account become Part of Will?

My husband opened a joint account with his father six months ago. Once his father dies, does that account become part of the Will? Does he have to give the money to others named in the Will or does the money (100%) belong to the survivor of the account?

Untitled

In most cases, a joint account carries ownership described as a "joint tenancy with rights of survivorship" (JTWROS). That's legalese for ownership by all joint owners of the entire account (each owner can claim the whole thing regardless of who contributed what), and on the death of one of the owners, ownership passes automatically to the surviving owner(s). Even if such an account were mentioned in a Will, in most states it would not become part of the deceased owner's estate. In short, the Will would not affect the account's ownership at all.

Published on BankingQuestions.com 8/11/10