What Happens to Money in Joint Account When One Person Dies?


Note: The DearEsq free 'ask a lawyer' site is offered as a free informational service to the public and is not intended as legal advice. Laws vary from state-to-state, and in addition every situation is unique, and relevant facts may not be known. The answer to the question posed below may not apply to in your state or to your situation. For legal advice in your state and your situation you should consult with an attorney in your state who is familiar with the rules and laws in your state.

“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.

Recommended reading (click on the picture for details):
Family Wealth--Keeping It in the Family: How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations