What Happens to Money in Joint Account When One Person Dies?
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Summary
When a bank account is in the name of two or more people, when one of them dies the money may or may not belong to the surviving account holders. |
“My aunt passed away and both our names are on a savings account and checking account. I’ve moved the savings account over to the checking account. I am paying her bills using the checking account. Do these monies belong to me now or do they have to go through the courts? Missouri is the state involved”
That will depend on many factors, including how exactly your names are listed on the accounts, and what, if anything, was stated in your aunt’s will. So long as you are using the money (half or more of which may belong to your aunt’s estate) to pay your aunt’s bills, there is probably little issue, but you’ll want to check with a Missouri trusts and estates attorney before using the money for anything else.
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For more on this subject check out these categories: Wills, Trust & Estate Planning
Anne P. Mitchell, Esq. is a noted family law expert, Internet law expert, and Professor of Law at Lincoln Law School of San Jose. Contact This Author
State laws vary, and the above is intended as general advice, and not direct legal advice regarding any one particular situation in any one state. For direct personal legal advice related to your own situation you should consult an attorney familiar with the laws of your state and with your situation.
