Your half of a joint bank account to a living trust

You're trying to mix apples, oranges and alligators.

You've heard right that where there is a joint bank account, upon the death of one co-owner the full ownership goes to the remaining owner. The account is generally referred to as "joint owners with right of survivorship".

I'm not sure what type of a trust you have. Assuming it is an intervivos trust, you can put many types of assets into the trust like real estate, bank accounts, vehicles and many other ownership interests. However, putting one owner's interest in a joint account into a trust would cause problems. Either title the entire account into the trust, or leave it as a joint account.

This answer is provided for informational purposes only. Actual legal advice can only be provided in an office consultation by an attorney licensed in your jurisdiction, with experience in the area of law in which your concern lies.

Any asset held in joint tenancy will pass to the other owner on the death of the first owners. Your trust (or will) could say "everything to John Doe" but if Jane Smith is the joint tenant with you on a bank account (or stock or real property)j it will go to Jane on your death.

This is very similar to life insurance. You have a contract with a company to pay X dollars on your death to a certain person, say, Jane Smith. She will get that money even if your will or trust leaves everything to someone else.

If you put your "half" of a joint tenancy account in your trust, all you have done is move a certain number of dollars from a joint account to your trust. On your death, Jane Smith will get less but she'll still get the account.

You need to determine whose money is in the account. If it's yours, you need to decide if you want it to pass that way or if you want it to pass through your trust. The drawback of joint tenancy is that if the other owner dies before you so that the account is now all yours, it no longer has a joint tenant on it. If you die without terminating the account and putting it into your trust you may trigger a probate.