If I had a joint bank account and the other party died, what monies am I entitled to?

UPDATED: Apr 24, 2011

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Apr 24, 2011Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If I had a joint bank account and the other party died, what monies am I entitled to?

NJ law.

Asked on April 24, 2011 under Estate Planning, New Jersey

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

First of all, how was title to the account held? In other words, did the account list both of your names as "tenants in common" or did it list them as "joint tenants with rights of survivorship" (JTWROS)?  If it was as tenants in common, you have no rights to the deceased's share. It becomes the property of their estate and passes to beneficiaries under a Will, if there is one. If there isn't, then it will pass to the heirs according to the intestacy laws of NJ.  However, if you held the account as JTWROS, you are entitled to all money in the account.  And you are entitled immediately upon death by operation of law (i.e. automatically). 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption