If 3 siblings have a joint savings account, how can the heirs of1 sibling legally inherit that sibling’s share?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If 3 siblings have a joint savings account, how can the heirs of1 sibling legally inherit that sibling’s share?
The bank only allows the joint survivors to inherit. Can the 3siblings have a notarized agreement that allows surviving siblings and heirs of non-surviving siblings to inherit upon dissolving the account?
Asked on September 19, 2011 under Estate Planning, Pennsylvania
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Under the laws of each state, assets held in "joint tenancy" are distributed to the surviving joint tenant or joint tenants after one of them passes. The way to end this distribution as a matter of law is for one of the joint tenants to "break" or "sever" the way registration or legal title to the asset held in joint tenancy is held.
The way to do so is for one of the owners of the asset in joint tenancy to transfer his or her ownership interests in the item back to himself or herself as a tenant in common with the other two joint tenants severing the joint tenancy.
I suggest that you consult with an attorney regarding the severance of the joint tenancy and the way to do such.
Good luck.
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.