If my late grandma had a bank account in her and her son’s name, does her son have a legal right to claim the balance of accounts?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my late grandma had a bank account in her and her son’s name, does her son have a legal right to claim the balance of accounts?
About 6 months before her death, her health started to fail. Then 4 months before her death, her son whom she lived with took her to the bank and transfered checking funds and all but a small amount from savings to his/her name. He has paid her final bills but has kept balance of money.
Asked on March 11, 2013 under Estate Planning, Minnesota
Answers:
Matthew Majeski / Majeski Law, LLC
Answered 11 years ago | Contributor
It sounds like she had set up a joint account with her son. If that is true, when she died the money in the account automatically becomes his. It does not go through the probate process with the will.
Catherine Blackburn / Blackburn Law Firm
Answered 11 years ago | Contributor
If the son's name was on the bank account, the money belongs to him. This is true even if grandma had a will that distributed the money to other people. If grandma had no will, your state statute would say who recieves her assets. However, holding any property (money or houses, etc) in joint names means the joint person owns the property at death and does not have to share it with anyone.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.