QUESTION
Who owns the money in a joint savings account when one of the account holders is deceased?
Asked on Dec 01st, 2014 on Estate Litigation - California
More details to this question:
My significant other opened a joint savings account with me,years ago, without my knowledge. He passed away a year ago.His executor, his sister, found reference to the account in his papers, but the bank would not give her any other information. She asked me to find out the balance, but the bank(credit union) would only allow me to close the account and they would send me the balance.(amount unknown), Am I obliged to give half of this amount to his estate? The person at the credit union said the whole balance is mine.
1 ANSWER
It is presumptively your money to keep. Unless sister could prove that it was intended only to have you on there for convenience, to pay bills and such, it is yours. Since it is likely impossible for her to prove this I would say it is yours to keep legally speaking. If you want to give her 1/2 you can but I do not see a legal obligation to do so.
Answered on Dec 02nd, 2014 at 7:14 AM