Joint Owner Death on Account with No Survivorship
Answer by John Burnett, BOL Guru Guru Bio
Question: If one of the owners of a checking account dies and the account was set up as joint with no survivorship, what happens to the funds in the account?
Answer: State law will determine how the funds are handled. Generally speaking, the funds are split among the owners equally, unless there is agreement on a different percentage of ownership, and the decedent's portion goes to his or her estate. The remaining portion(s) go to the surviving owner(s).
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