QUESTION
Does Georgia law state your name has to be on a checking account to get one third of the money left in a will?
Asked on Jul 03rd, 2016 on Wills and Probate - Georgia
2 ANSWERS
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Under Georgia law, if a person dies and has a bank account with only the deceased’s name on the account, the money belongs to the estate. However, if the amount in the account is under $10,000, then the next of kin can sign an affidavit from the bank and the bank will divide the money equally among the next of kin without the necessity of establishing an estate.
Answered on Jul 05th, 2016 at 5:40 AM
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The direct answer to your question is no, your name does not have to be on a checking account for you to receive money left to you under a Will. However, if the checking account was held by the deceased person with one or more other owners, then the default rule in Georgia is that the checking account does not pass under the deceased person's Will; instead, it passes automatically to the surviving owner or owners. So, if the decedent had a Will but also held a joint checking account with another person, the Will generally would not control the checking account.
Answered on Jul 05th, 2016 at 5:14 AM
This answer is being provided as general information and not as legal advice. No attorney-client relationship is created by this answer.