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TexLaw
TexLaw, Attorney
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Experience:  Lead trial/International commercial attorney licensed 11 yrs
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Right of Survivorship law in Texas

Resolved Question:

Right of Survivorship law in Texas?
Submitted: 3 years ago.
Category: Legal
Expert:  TexLaw replied 3 years ago.

Zachary D. Norris :

Hi,

Zachary D. Norris :

Can you please tell me what kind of document you have?

Expert:  TexLaw replied 3 years ago.
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Expert:  TexLaw replied 3 years ago.
Hi,

I tried to reach you on check but it looks that you were away from your computer.

Generally, the right of survivorship concerns an account of money. It requires a written agreement which complies with the Texas Probate Code section which I have included below for your reference. Once you have the written agreement signed by both of you, you would take it and file it with the County Clerk's office. However, the probate code does not require filing, it simply requires that whoever wants to collect the account after the other's death must produce the written agreement.

§ 439. RIGHT OF SURVIVORSHIP. (a) Sums remaining on
deposit at the death of a party to a joint account belong to the
surviving party or parties against the estate of the decedent if, by
a written agreement signed by the party who dies, the interest of
such deceased party is made to survive to the surviving party or
parties. Notwithstanding any other law, an agreement is sufficient
to confer an absolute right of survivorship on parties to a joint
account under this subsection if the agreement states in
substantially the following form: "On the death of one party to a
joint account, all sums in the account on the date of the death vest
in and belong to the surviving party as his or her separate property
and estate." A survivorship agreement will not be inferred from the
mere fact that the account is a joint account. If there are two or
more surviving parties, their respective ownerships during
lifetime shall be in proportion to their previous ownership
interests under Section 438 of this code augmented by an equal share
for each survivor of any interest the decedent may have owned in the
account immediately before his death, and the right of survivorship
continues between the surviving parties if a written agreement
signed by a party who dies so provides.
(b) If the account is a P.O.D. account and there is a written
agreement signed by the original payee or payees, on the death of
the original payee or on the death of the survivor of two or more
original payees, any sums remaining on deposit belong to the P.O.D.
payee or payees if surviving, or to the survivor of them if one or
more P.O.D. payees die before the original payee. If two or more
P.O.D. payees survive, there is no right of survivorship in event of
death of a P.O.D. payee thereafter unless the terms of the account
or deposit agreement expressly provide for survivorship between
them.
(c) If the account is a trust account and there is a written
agreement signed by the trustee or trustees, on death of the trustee
or the survivor of two or more trustees, any sums remaining on
deposit belong to the person or persons named as beneficiaries, if
surviving, or to the survivor of them if one or more beneficiaries
die before the trustee dies. If two or more beneficiaries survive,
there is no right of survivorship in event of death of any
beneficiary thereafter unless the terms of the account or deposit
agreement expressly provide for survivorship between them.
(d) In other cases, the death of any party to a
multiple-party account has no effect on beneficial ownership of the
account other than to transfer the rights of the decedent as part of
his estate.


Please let me know if this answers your question and whether there is any other information with which I can provide you.
TexLaw, Attorney
Category: Legal
Satisfied Customers: 4212
Experience: Lead trial/International commercial attorney licensed 11 yrs
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TexLaw
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Lead trial/International commercial attorney licensed 11 yrs