Joint Accounts at Death

When one account holder of a joint account dies, the remaining account holder typically inherits the funds unless there is strong evidence indicating that the deceased intended otherwise. While both parties can access the funds during their lifetime, ownership is determined by who contributed to the account.

Alice and Bob have a joint bank account. Throughout their lives, Alice contributed $70,000, while Bob contributed $30,000. After Alice passes away, Bob claims the entire account balance of $100,000. However, if Alice had left a written statement indicating she wanted her share to go to her children, Bob might not be able to keep the full amount.

Survivor gets the cash unless the deceased had a different plan!

Exams may present scenarios where the intent of the deceased is ambiguous, leading students to misinterpret the evidence of intent. Students might overlook the importance of clear and convincing evidence.

Questions often involve fact patterns where the deceased's intent is questioned, requiring candidates to analyze evidence and determine ownership based on contributions and intent.