Hi!


I have a question regarding the Joint Bank Accounts with right of survivorship.

If A and B open such an account. A puts in $25 and B $75. There is no evidence that they didn't there to be survivorship status.

Q: If A dies, does B get the entire $100 or $50? The book says that they each own half of the money in the account. However, does this mean that when one dies the other one only get half of the account? It would seem that if there is a right of survivorship that the survivor would receive everything in the account.

Thanks!

Hello there Apple. Actually, depends on several things. Joint Bank Accounts can be emptied by any of them, so in case of A's Death, B could easily go and empty it. But making things "legal" would be slightly different i believe. Depends on the existance of a will, or other heirs. Deposited money is an asses as a house or a car, so if there are no more heirs, B would get all the money if not, depends on what the will actually states. As for the amounts. the account is JOINT so if A's 50% of his estate should go to someone else, the balance would be 50/50. Doesnt matter who deposited which. Again, this is just a thought coming from Argentinian LAW (i havent studied this part of US law yet..) but the answer seems aplicable to any law i believe. Hope this helps. Other posters will tell me if im right or wrong ;)

no, right of survivorship means nothing to pass in will, and his/her share goes to the other side once he/she dies.

Each party owns an undivided interest in the whole 100 dollars. If one party dies... that party's interest terminates in favor of the survior. Remember... in a joint account both parties may withdraw the entire amount at any time... because both have a legal undivided right to the whole... thus, the survior always had a right to the entire amount.

A will means little here. Joint Bank accounts do not go through probrate. Joint Bank accounts are like Life Insurance Policies... we assume that you knew the other party would be able to get the money upon your death and that you were fine with that.

Also... Joint interest in propery.

Do not think or say that parties have a half interest or a third intertest.... etc.

In any joint interest (including bank accounts) parties have a "UNDIVIDED INTEREST OR UNDIVIDED RIGHT TO THE WHOLE"

Please feel free to use that wording on a test.

The quick answer should be that B gets the entire account. That is what a joint account with a right of survivorship should accomplish.

However, such accounts often can be open to challenge, and courts in many states have been willing to look at the circumstances of the account and the relationship of the account holders to determine if a right of survivorship was truly intended or just boiler plate in the account agreement. When courts determine R of S is not intended often tracing of funds or percentage of contribution will be used to divide the account. I am not aware of any blanket 50/50 rule and would be surprised if that is the answer your book gives (btw- What book page and question number? especially if it is a bar study book).

Really it kind of just comes down to whether this is a multiple choice or essay question. Good luck.

that is, if A dies before B...

joint banking acount is one of the ways to pass w/o probate. i would assume they both would get 100% if one or the other dies. i don't think it has to say that there is a right of survivorship. like under joint tenancy, it should work the same.

Thanks! I agree with Jimmy.

Would it be correct to say the following:
If the JB were to be contested and resolved that it was legitimately so...and if the entire amount of money i.e., $100 were left in the account following A's death, then B would receive his initial investment and A's share would pass to his people through intestate. This would also severe the JB.
Is this correct?

Apple, The survivor of a joint bank account has the right to ownership of the entire account, just as he could withdraw the entire contents during the lifetime of the joint owner. Ownership of the account passes to the survivor at the time of death of the joint owner, outside of probate or will.   Regards,   Michael Shippey ________________________________ From: "

Hi Dr. Ship,

Thanks!

All money in the acc will go to B (survivor) UNLESS...

Clear and convincing evidence shows that a survivorship was not intended when the account was established

:)