Does a jointly held bank account go into the deceased’s estate?
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Does a jointly held bank account go into the deceased’s estate?
Father-in-law died. His savings and checking are in his daughter’s and son’s names, however. the executor of the Will says those accounts now become part of the estate.
Asked on June 6, 2012 under Estate Planning, Michigan
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I'm afraid that the executor in question is misinformed. Bank accounts with named beneficiaries are not considered part of a probate estate. They pass outside of the estate. The only exception would be if the son and daughter are named as Trustees or the like and not individually, then the accounts would be part of the deceased's estate.
Note: If no one was named as a beneficiary; then such accounts would be part of the residuary estate and pass as per the residuary clause in the Will.
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