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John Elder
John Elder, Estate & Elder Law
Category: Estate Law
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Experience:  Over 14 years experience in Medicaid, Estates, Trust.
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Is a joint bank account part of the estate or does it belong

Customer Question

Is a joint bank account part of the estate or does it belong to the surviving owner?
Submitted: 1 year ago.
Category: Estate Law
Expert:  John Elder replied 1 year ago.
Welcome! Thank you for your question.

So long as the account is labeled "joint with right of survivorship" then it is not part of the estate but passes automatically to the surviving owner at the death of the other owner.

I cannot provide you with legal advise. I have provided you with information about the law related to your question. My answer, and any information that you find online, should not take the place of having a consultation with a lawyer in your area to advise you regarding your specific issues.

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Thank you,

John

John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4631
Experience: Over 14 years experience in Medicaid, Estates, Trust.
John Elder and 3 other Estate Law Specialists are ready to help you
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good evening. A joint account vests automatically in the surviving owner upon the death of the first owner. The only exception, if the term "right of survivorship" is not used, would be that someone could contest that the joint account was merely set up for convenience and the decedent did not intend for the joint owner to get the entire account at death. This does not happen in the case of spouses, but can happen where there is an elderly person and one child is added to the account to assist the elderly person to pay his/her bills. In that event, if other children can show by clear and convincing evidence that the elderly person did not intend for the one child to get the entire account, the court can rule the right of survivorship should not apply.



Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!
Expert:  John Elder replied 1 year ago.
Sorry for any confusion. It appears that the system had a glitch that resulted in you receiving an answer from two of us experts.

The good news is that we both fully agreed. I do see that you rated me just "good service." There there anything I can do to earn an excellent?

John

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John Elder
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Over 14 years experience in Medicaid, Estates, Trust.