QUESTION
Are adult children entitled to any money in joint accounts with their deceased father and step-mother?
Asked on Jul 11th, 2019 on Wills and Probate - Michigan
More details to this question:
My step father recently passed away and he and my mom had 3 joint accounts. One of the accounts was used for nursing home care with which his pension and social security were deposited monthly. They have a joint account to pay bills and a large joint savings account which while my step father was in the nursing home was to be used for large household expenses and any extra large medical expenses for either. Our parents wrote a will with instructions for asset distribution (charities and house). My mom had POA both medically and financially. To this point we have agreed to pay the funeral expenses as half from the nursing home account and the other half out of the large savings account. After all expenses are paid, will his children be entitled to any of the money in any of the accounts?
1 ANSWER
2 Awards
Either party is entitled to withdraw 100% of a joint account during both parties' lives.
100% of a joint account with right of survivorship passes to the survivor upon the other party's death. Such accounts pass independently of whatever the Will provides.
Unless it is a joint account without right of survivorship AND your father's Will states that you are to receive something out of it, it appears likely that he intended to provide for his spouse. This is usually the case when the person making an estate plan foresees that his spouse will be unlikely to be able to work to provide more for her old age but his children, being younger, will be able to work.
BTW, POAs have no effect after death.
Answered on Jul 12th, 2019 at 5:12 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.