When someone dies with joint accounts, do the accounts become the property of the other account holder?
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When someone dies with joint accounts, do the accounts become the property of the other account holder?
Asked on January 31, 2014 under Estate Planning, North Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
If your loved one has died and you're the surviving joint owner of an account held with rights of survivorship or as tenants by the entirety, then you can take over full ownership of the account simply by presenting the deceased owner's original death certificate to the bank or investment company where the account is held. But once you've taken over full ownership of the account, you'll need to understand the tax and other consequences of inheriting the account.
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