QUESTION
Does the checking account have to be listed in the paperwork?
Asked on Jul 02nd, 2013 on Estate Planning - Delaware
More details to this question:
We are trying to complete estate filing for my aunt. She had a joint checking account and the other party took complete ownership of the account.
18 ANSWERS
No, that is what a joint account does.
Answered on Jul 07th, 2013 at 7:50 PM
Thomas Edward Gates
The checking account money now belongs to the joint tenant of the account. You do not have to identify it.
Answered on Jul 03rd, 2013 at 7:48 PM
Yes and depends. The account maybe an "account of convenience" meaning it was set up to allow the other party to pay her bills. It was not the other party's money. Hence, a convenience account; if your aunt simply made it a joint account, either could take out money. Your issue should be raised with the county probate court where her will is being probated or where her estate is being administrated. There should be an accounting of all her personal property including her checking account.
Answered on Jul 03rd, 2013 at 7:20 PM
Edwin K. Niles
Assets held as joint tenants go to the surviving joint tenant upon the death of one. This asset is not subject to probate.
Answered on Jul 03rd, 2013 at 1:51 PM
Probate Attorney serving Newport, OR
at
Minor, Bandonis & Haggerty P.C.
Update Your Profile
The other party is entitled to complete ownership of the account. The surviving owner owns a joint account upon the death of the other owner (unless it can be shown that was not the intent of the owner who deposited funds to the account, but that is a difficult argument). This is why the use of joint accounts drives me (as an estate planner) crazy. A lot of times we find an estate plan completely defeated by joint ownership.
Answered on Jul 03rd, 2013 at 12:55 PM
Corporate/Business Attorney serving Beachwood, OH
at
Christine Sabio Socrates Attorney at Law
Update Your Profile
No, if it was a joint account, it would not be a probate asset and does not need to be listed in the probate court applications.
Answered on Jul 03rd, 2013 at 12:48 PM
This depends on the state where she passed away. Check the Inventory form and see if joint property must be listed. If you have questions, contact an attorney specializing in estate matters.
Answered on Jul 03rd, 2013 at 11:32 AM
The checking account is a countable asset for tax purposes and therefore should be listed in the inventory even though it was distributed outside of probate. Depending on your state's laws and the total value of the estate there may be taxes due. Federal estate tax does not hit until the estate value is over 5.25 million.
Answered on Jul 03rd, 2013 at 9:58 AM
Probate Attorney serving St. Louis, MO
at
Edward L. Armstrong, P.C.
Update Your Profile
Since the checking account was jointly owned by your late aunt and the "other person" it need not be listed on the estate inventory.
Answered on Jul 03rd, 2013 at 9:45 AM
3 Awards
You need to address that with her estate planning attorney.
Answered on Jul 03rd, 2013 at 2:55 AM
Bankruptcy Attorney serving Florissant, MO
at
Law Offices of Thomas Corcoran Phipps
Update Your Profile
Yes. You should list any property in which your aunt had an interest when she died.
Answered on Jul 03rd, 2013 at 2:53 AM
Estate Planning Attorney serving Torrance, CA
at
The Law Office of Kelvin Green
Update Your Profile
Joint accounts pass outsider the estate. What you describe is rob ably nit improper?
Answered on Jul 03rd, 2013 at 2:52 AM
Business Planning Attorney serving Livonia, MI
at
Frederick & Frederick Attorneys at Law
Update Your Profile
No, the checking account is not part of the probate estate.
Answered on Jul 02nd, 2013 at 11:32 PM
2 Awards
If you are talking about a probate, no a joint checking account is not part of a probate estate.
Answered on Jul 02nd, 2013 at 11:25 PM
Usually, a joint account in Oregon is the property of the surviving joint tenant. Sometimes the account was established not intended as a joint account but as an accommodation so the healthier person can pay bills for the other. In that case, the property stays in the estate.
Answered on Jul 02nd, 2013 at 8:48 PM
Taxation Law Attorney serving Glendale, CA
at
Irsfeld, Irsfeld & Younger LLP
Update Your Profile
If an estate tax return is required, it must be included. But a joint account is not included in the probate estate. The other party was correct in taking it.
Answered on Jul 02nd, 2013 at 8:11 PM
Litigation Attorney serving St. Louis, MO
at
Probate Law Center Richard J. Keyes, PC
Update Your Profile
In Missouri, a joint checking account goes by operation of law to the survivor and is not part of the probate estate. It should not be listed on the probate inventory.
Answered on Jul 02nd, 2013 at 8:11 PM
Estate Planning Attorney serving Wilmington, DE
at
Reger Rizzo & Darnall, LLP
Update Your Profile
It is listed as joint property.
Answered on Jul 02nd, 2013 at 7:38 PM