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wallstreetesq.
wallstreetesq., Attorney
Category: Business Law
Satisfied Customers: 17080
Experience:  10 years, Corp litigation, Of Counsel to several global and nationwide corporation
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Under Nevada law is joint rights with survivorship assumed

Resolved Question:

Under Nevada law is joint rights with survivorship assumed when a married couple open a joint checking account?
Submitted: 7 years ago.
Category: Business Law
Expert:  wallstreetesq. replied 7 years ago.
Nevada is a community property state, which means that spouses generally own all property acquired during the marriage jointly unless they take steps to keep it separate. If spouses hold title to an asset as community property with the right of survivorship, then it automatically passes to the survivor when one spouse dies.
Customer: replied 7 years ago.

So, if one of the parties dies one month before the other and their joint checking account did NOT specify joint rights with surivivorship can i assume 50% of the funds would be distributed to each parties estate?

Expert:  wallstreetesq. replied 7 years ago.
YES, HOWEVER THE SPOUSE WOULD BE THE DIRECT HEIR TO THE OTHER ASSETS ANYWAY, UNLESS A WILL STATED DIFFERENT.
Customer: replied 7 years ago.

The details of this case are:

* The joint checking account was opened in Nevada

* They did not specify joint rights with survivorship

*They moved to Texas and deposited a large amount of funds in the same account (TX branch)

*The wife died in November

*The husband died in December

*They did not leave a will.

*The question is how the checking funds should be distributed as both parties have heirs to their estates that are not related to one another.

 

We were told by Wells Fargo that once the wife died, the funds are assumed to go to the husband, so when he died 100% of those funds would go to his estate? This is being refuted by the wife's estate.

 

Expert:  wallstreetesq. replied 7 years ago.
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