No-if the asccount is "OR" or with right of survivorship-it will automatically go to the survivor.
The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.Ask a similar question
No it's not true. A joint account with right of survivorship means that if either of you dies, the other automatically gets what's in the account.
If you have wills, see your estate lawyer to make sure your testamentary documents will accomplish what you want them to accomplish.
Avvo doesn't pay us for these responses, and I'm not your lawyer just because I answer this question or respond to any follow-up comments. If you want to hire me, please contact me. Otherwise, please don't expect a further response. We need an actual written agreement to form an attorney-client relationship. I'm only licensed in CA and you shouldn't rely on this answer, since each state has different laws, each situation is fact specific, and it's impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue.Ask a similar question
The true effect of bank account cards can only be determined after reading them. I am aware of more than one situation where the bank employee told the customer that setting up the account would have one effect and then after a death it was determined that the account did not have that effect at all. This is due to poor training of bank employees. In Texas the ability to establish a bank account as a joint tenancy with right of survivorship is done with the account card, not with a Will. So, get a copy of the account card (front and back) and take it to a lawyer to review. There is a related status to JTWROS and it is called Payable on Death or POD. It is often preferable to JTWROS.
DISCLAIMER: This is not specific legal advice and does not establish an attorney/client relationship.Ask a similar question
Please go see an attorney about your estate planning needs. These kinds of questions, and the misinformation out there in the general public, make it really difficult to know what to do without professional advice.
In general, though, if the account is held as joint with right of survivorship, the survivor automatically gets the account, REGARDLESS of what is in the Will, even if the Will says something different. You have to get the bank to make it a JTWROS account, though. Note that doing this, though, can result in unintended consequences, like giving your creditors access to your Mom's money if you default on your debts.
Again, talk to a professional.
I am licensed only in Texas. Offering information of a general nature in response to a question is not intended to be legal advice in your state.Ask a similar question
I agree with my colleagues in relation to this account. I would merely add that this is an excellent time to have your mother visit with an estate planning attorney, while she still has capacity, to make sure that all of her estate planning is complete and in order. She should, for example, have durable power of attorney forms for health care and financial matters, in addition to whatever other documents she has. This will allow you to make decisions for her and handle her affairs, if she ever becomes incapacitated. If you do not have these forms, you would need to go to probate court to be appointed your mother's guardian/conservator, if she ever lost capacity.
***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!Ask a similar question
Bankruptcy Joint accounts during bankruptcy Debt Bankruptcy and debt Joint tenancy Rights of survivorship Real estate and bankruptcy Real estate Wills and estates Estates Estate property Rights of survivorship and estate planning Power of attorney Durable power of attorney Wills Probate court Incapacitation and elder law