Joint account with only living parent and one of her children- no will so upon death how is the estate divided

Question

Surviving parent under duress put one of their childrens name's to joint bank account -what happens to the estate and entitlements of other children on the death of the surviving parent if there is no will

Answer 1

Upon the death of a joint tenant, the surviving joint tenant receives the entire bank account, but only after satisfying any lien for estate taxes. If the bank account is the only asset of the estate, then the other siblings have been completely disinherited. The best way to attack this--assuming that there is enough in the account to make this a worthwhile exercise--is to have a conservator of the parent's property appointed. The conservator minds the account, pays the bills, and turns the balance over to the administrator of the estate after the ward dies. In this context, whoever becomes the conservator should be prepared to defend a lawsuit from the frustrated thief.

Answer 2

Depends if the child is POA ( power of attorney) on the account then its not a joint ac perse but rather the parent allowing the child to take controol of the a/c.

If however the ac is a proper joint a/c then there is a chance that the child could empty the a/c upon death of the parent and there wouldnt be much that could be done. I would suggest informing the bank of the death asap and this would then freeze the a/c even joint until probate had been dealt with ( by the state in the absense of a will)

Better still though to prevent any bad feeling within the family why not get the parent to make a will , or express your concerns to them.

If they dont want to remove the child from the a/c why not have them transfer a majority of funds to a high interest notice a/c a plausable reason so as not to upset the joint ac holder.

Good Luck

Answer 3

Joint account (if owned as joint tenants with right of survivorship) goes to the surviving joint owner outside the will. Other children not listed as account owners get nothing.

For many people, joint ownership is a substitute for probate. It is an inexpensive way of transferring wealth and it results in lower administrative fees.

Answer 4

First it is extremely important for the parent who is still living to draw up a will to keep the fighting down once she/he is gone. You all could keep the bank account and drop the deceased parents name from it or it will be divided evenly between the people who are on the account.

Usually when an estate can't be agreed upon someone gets a lawyer and the situation is handled in probate court.

Answer 5

If an account is in joint names it doesn't form part of the estate and will pass to the surviving account holder. As would any debt in joint names incidentally.

Answer 6

The account is transferred to the joint holder once a certificate of death has been produced. Other children can contest this and you must consult a solicitor. It is always best to talk to your brother/sister to verify their intentions to keep or share the balance of the account equally amongst you all before incurring legal costs . . . it may be a simple case of communication between you all.

Answer 7

No. Unless specifically listed in the will, the child has no rights to the estate as their first parents are not their legal family. In addition, family of the first parents can have the will contested leaving out any beneficiaries such as children adopted out. As another poster mentioned, there are some exemptions that were made in support of older children taken away from parents and later adopted. They apply to any adopted children however.

Answer 8

Best thing would be for the parent to make a will, and not open a joint account with anyone.

Answer 9

No one has yet asked the relevant question so I guess I will have to.

HOW is the account held?

Property, of which this account is a member, can be held in all sorts of ways, from sole ownership to Jointly with Right of Survivorship (the surviving owner receives full benefit of the property).

therefore, to receive a correct answer you need to answer the above question.

Answer 10

Theres plenty of info out thee but this is the first page i came up with, its the last thing you want to happen
http://www.wisewills.co.uk/intestate.htm
just google wills