If a joint owner of a bank account dies, what happens to their money?

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If a joint owner of a bank account dies, what happens to their money?

My lady friend and I have been living together for 26 years. We share a joint checking/savings account. Sadly, she is now a terminal cancer patient, she also has 2 grown children from a previous marriage. If. and when, anything

happens to her, do her children have a legal right to our shared banking account?

Asked on October 21, 2018 under Estate Planning, Indiana

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

I am so sorry for your situation. If the account is a joint account then the funds should pass to you automatically when your lady friend passes away.  That does not mean that the kids won't fight you for it so I would doule check with the bank to be sure it is properly labeled.  Good luck.


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