Does a joint bank account override a will?
Does a joint bank account override a will?
If you've created a joint bank account with a spouse, it can be tricky to determine who gets the money. Some accounts come with automatic rights of survivorship, which allows the primary account holder to continue using the account after the surviving spouse passes away. In other cases, the joint bank account will pass to the person named as the account's beneficiary.
Joint bank accounts are common among married couples. Another situation is when an elderly parent shares an account with their adult child and uses the funds to pay bills. When the account holder dies, the money in the account goes to the surviving account holder, but the transfer of cash is outside of the will's reach. In such a case, the surviving account holder must prove that they intended to give the account balance to the other holder.
In Pennsylvania, for example, a will created before the joint account was created is the controlling document. A will created before the joint account was created overrides the account terms. However, it is possible for the account terms to establish the right of survivorship. If so, then the surviving spouse may be able to use the funds in the joint bank account to support their children.
If you have any questions or need a Will Lawyer, please call this law firm for a free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
