Legal Question in Wills and Trusts in Massachusetts

Re: Jont Checking Account

Yes, that is the case. A joint checking account is almost always payable on death to the survivor. Heck, you can just write a check from it to take the money out, or show them a death certificate if you want it closed entirely.

That is the default unless the account was set up in some very peculiar way such as a guardianship or escrow or an account for the benefit of a minor or a trust account. Those can have different terms, for example.

Nobody else is allowed / supposed to get any information on your account and bank isn't supposed to give it to anyone else. However, I have realized it isn't that hard to fool banks ... if they have pertinent information (like your or the deceased's social security #, address, and mother's maiden name, they can fool someone over the phone pretty easily; if they have the account number, alternatively, they can pretend to be a merchant with a big check in hand asking if the funds are available to cover the check.

There is often one primary social security number, and the other is used only to help identify a secondary accountholder; that is, sometimes with a joint account, the interest is 1099'd (tax reporting) to just the first holder listed.

One more point: while you have instant access to the money and legal ownership as the survivor, for estate tax purposes (federal and state), the deceased is presumed to have been the owner of the entire account and thus the account is taxed if there are any taxes in that person's estate! There are ways to rebut the presumption, i.e., if you can prove that you actually put some or all of the funds into the account, but if you can't prove it, then it was the deceased's money for estate tax purposes and you inherited it. Generally under tax apportionment laws, the taxes on that amount would be paid from what you got as the survivor. Clear as mud? Call me if not!