Joint Accounts: How To Handle The Death Of A Joint Owner
by Ken Golliher, BOL Guru BIO AND CONTACT INFO
Question: If you have a multiple ownership account (mother, son, daughter) and the mother dies and the account is in her SSN, do the funds roll to the two remaining joint owners, or must we place them into an estate account, thereby making sure inheritance taxes are paid through the estate?
Answer: There are varying answers to this question depending on whether the account was "joint with a right of survivorship" or a "tenancy in common." Fundamentally, it is an issue of state law.
Review the signature card the parties signed to see if it indicates a choice on the form of ownership. After you get that information, consider re-posting question in the forum for your state.
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