if someones dies without a will should you withdraw the money in joint accounts right away?

Question

the joint account is in three names but the person who dies is the first named and it is in their social security number.

the account is in the mother's name and her two living children. but there a alot of living grandchildren. the mother was also a widow.

do the grandchildren have any right to it?

this person resided in ny state but she died in pa

Answer 1

No bank is going to allow you to take any money out without a death certificate stating that the person died. And if there are 2 other people on the account, they will all need to sign to close out the account. And if there is a significant amount of money and it is meant to go to other people, of course you cannot take it out. And no, the grandchildren do not have any claim to a bank account that doesn' t have their name on it.

Answer 2

The other owners on the account (the joint owners) have first right to those funds if there is no will in place. The way joint accounts are set up is that there is something called a right of survivalship on the account...meaning that if one of the person(s) dies the other owner(s) are due the funds...not to mention the fact that the way a joint account works is that each owner is 100% entitled to any/all of the funds...there is no separation of funds on a joint account. So unless there is a will in place (and even if there was), the other owners on the account are the ones who have full access and right to that money.

Answer 3

I would imagine, that legally, it won't matter whether you take the money after the person dies as what matters would be the state of things (financially) at the time the person died. I'd imagine that if they start looking into it, they'd figure out that you took the money out after the person died and could ask you to put it back. If you did it before the person died, on the other hand, it be a whole different issue and the other heirs might have reason to ask that it be put back, but you should be in a better position to refuse.

Answer 4

If your name is on it, you can take it out. I wouldn't spend it until the estate is settled. Funeral expenses/IRS for the income taxes that the deceased had made that year/ Lawyers for transferring any property that the deceased had/Personal representatives i.e. executor can also get a small fee. After all is said and done and the estate is closed, you can split it with the other named party on the account. No one else is entitled to it unless it states so in a will.

Answer 5

Your going to jail...
The only people that have any right to it are the named on the account. as soon as the bank learns about the deceased they will freeze it and the other 2 will have to get affidavits that they are entitled to it. If you are one of these 2 then the most you are entitled to is exactly half.
If you have already withdrawn more than half put the excess back or be prepared for a law suit and spending that money on lawyers.

Answer 6

It is a joint account. If three people are on it. It automatically should go to the next one. I would withdraw the money minus any outstanding checks, debits, etc. Then speak to customer service at a later time. It not illegal if it is a joint account. You all have equal rights to that money. My bank account is set up if I die. It goes to my mother and if she dies it goes to me. If both die. It goes to someone else not on the account.

Answer 7

Sorry to inform you but even if one does are does not have a will usually the accopunt is frozen by the state til all is assorted .There are ones who watch for the deceased to freeze their assets

Answer 8

You can take it, but you can be subject to legal problems if the other party, or the heirs of the deceased complain

Answer 9

i dont know.about the will........but im glad danielle is getting evicted ..did you see the episode when will was coming on to the camera .that was funny.i think that if will gets to the final 2 he deserves the money because against all odds a returning winner should not win again.whats your thoughts

Answer 10

margret, if the account is joint then just in case you need to consult an attorney and my friend can help you obtain one at an affordable price, i pay $17.00 a month. her name is debbi.
1-866-471-3782 or www.debbicarroll.com and please tell debbi mark referred you please .good luck