Whatt o do if my mother has recently passed away and left 2 sizable deposits in a bank?
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Whatt o do if my mother has recently passed away and left 2 sizable deposits in a bank?
My sister’s name is on the accounts along with my mother’s. Is this something that is subject to probate law?
Asked on October 15, 2012 under Estate Planning, Illinois
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I am so sorry for your loss. How exactly is your sister listed on the account? A a signatory or as a joint owner? If she is merely a signatory on the account then the account would be subject to probate. If she is a joint owner of the account then it will depend on if she has rights of survivorship or not. If she is merely a joint tenant without rights of survivorship then half of the money would be subject to probate. Good luck.
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
In order to answer your question I need to know in what manner your sister's name is listed on the bank accounts that you have written about. If her name is solely listed with that of your mother's and not as a trustee or on behalf of someone else then it appears that the bank accounts are "payable upon death" accounts and would not be subject to a probate procedure assuming your mother passed with a Will in place.
I suggest that you consult with a Wills and trust attorney about this matter further for an assessment.
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