If my wife passed away 2 months ago, do I have the legal right to close our joint account before her estate is settled?
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If my wife passed away 2 months ago, do I have the legal right to close our joint account before her estate is settled?
She has another in just her name, which is being held until her estate is settled.
Asked on October 14, 2015 under Estate Planning, New York
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
If someone owns an account jointly with someone else, then after one of them dies, then typically the surviving co-owner will automatically become the account&rsquos owner. The account will not need to go through probate before it can be transferred to the survivor. This is because most bank accounts that are held in the names of 2 people carry with them what&rsquos called the &ldquoright of survivorship&rdquo. This means that after a co-owner dies, the surviving owner automatically becomes the sole owner of all the funds. In such an event, the surviving account holder need only to present a death certificate to have the deceased's name removed from the account.
Note The surviving account holder should keep in mind that the money in the account could be subject to federal estate or state inheritance tax.
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