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#1776356 - 01/15/13 04:24 PM personal rep vs co-owner
Tessie Offline
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Joined: Jan 2006
Posts: 155
We have a single person that passed away and left his son as Personal Rep. The single person had his own accounts plus he had a checking account with his mother. She was listed as a co-owner on the account. They are questioning whether the Personal Rep has control over the Mother/Son account or just the accounts in the Single person's name.
We say a Personal Rep has no control over a Co-Owners account and they are saying he does.

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#1776358 - 01/15/13 04:28 PM Re: personal rep vs co-owner Tessie
Doug Hendrickson Offline
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Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
You are correct.

A joint account is owned by both persons; when one dies, the other becomes the sole owner, and a personal representative cannot touch it as it is not part of the estate.

The same goes with any accounts by a single person that might have had a POD notation, the funds go directly to the beneficiary, and are generally not part of the estate.
I hear and I forget. I see and I remember. I do and I understand.--Confucius

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#1777324 - 01/17/13 04:05 PM Re: personal rep vs co-owner Tessie
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,858
Cape Cod
That is, unless the joint accounts don't have rights of survivorship (most do).
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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