If 3 siblings have a joint savings account, how can the heirs of1 sibling legally inherit that sibling’s share?

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If 3 siblings have a joint savings account, how can the heirs of1 sibling legally inherit that sibling’s share?

The bank only allows the joint survivors to inherit. Can the 3siblings have a notarized agreement that allows surviving siblings and heirs of non-surviving siblings to inherit upon dissolving the account?

Asked on September 19, 2011 under Estate Planning, Pennsylvania

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Under the laws of each state, assets held in "joint tenancy" are distributed to the surviving joint tenant or joint tenants after one of them passes. The way to end this distribution as a matter of law is for one of the joint tenants to "break" or "sever" the way registration or legal title to the asset held in joint tenancy is held.

The way to do so is for one of the owners of the asset in joint tenancy to transfer his or her ownership interests in the item back to himself or herself as a tenant in common with the other two joint tenants severing the joint tenancy.

I suggest that you consult with an attorney regarding the severance of the joint tenancy and the way to do such.

Good luck.


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