Does the survivor of two holding a joint stock account automatically inherit the account?
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Does the survivor of two holding a joint stock account automatically inherit the account?
My father and I had a joint stock account. My father passed away. I transferred the account to my name only. My brother claims he should inherit half of the account (or at least half of my father’s half) because the will said that all his property should be equally divided between me and my brother. By the way, I am the executor.
Asked on May 29, 2009 under Estate Planning, Vermont
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
That depends on the facts. There are also some state-to-state variations in the law, and I'm not a Vermont lawyer. So you'll need to give someone in your area the entire situation, for reliable advice. Making a mistake about this could prove personally expensive to you. One place to find an attorney is our website, http://attorneypages.com
In most states, courts look at the source of the funds in the account, and the purpose for the joint account. If it was truly a shared investment, if a meaningful part of the account's money was from you, then the account might properly be all yours now, outside the will and not included in the equal division. The other extreme is if all the money was your father's, and your name was on the account just for his convenience, then the money belongs in the estate. This isn't necesssarily an either-or, sometimes it isn't entirely clear what the situation was. Once again, this is not the sort of question where it is wise to rely on your own opinion of what the law might be!
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