If my mother and I have joint bank accounts and she wants me after her death to have the money in our joint accounts, is this legal?
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If my mother and I have joint bank accounts and she wants me after her death to have the money in our joint accounts, is this legal?
My mother would like for me to keep the money in her bank accounts as my due for being her caretaker for the past few years. She also has a good sized estate to be split among myself and 3 other siblings. Is this legal for me to keep the money in our account or should it revert to her estate?
Asked on March 13, 2012 under Estate Planning, New York
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Yes, it is quite legal. In New York, a joint bank account creates a joint tenancy under the banking law and title in the account vests one to the other upon the death of either. Now, if your Mother has a significant number of assets you hould speak with an estate planner and an attorney. Good luck.
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