What happens to a bank account when the owner dies butthere is a co-owner on the account?

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What happens to a bank account when the owner dies butthere is a co-owner on the account?

My mother died recently and left a Will that states 3 daughters will split the estate. She had a bank account and listed me as co-owner. Does that become mine or part of the estate?

Asked on August 25, 2011 Oklahoma

Answers:

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

Answered 9 years ago | Contributor

The fact is that funds held in a joint bank account passes outside of an estate; much the same as life insurance proceeds, 401k's, and certain co-owned real estate. This means that the asset need not go through probate; the joint account holder has the rights to the funds immediately and automatically.

As to your inheritance under the Will, since you are also listed in it as a beneficiary, then you still have the right to your full share as provided in the Will as well.


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