Legal Question in Wills and Trusts in Alaska

Re: bank account ownership,

The account will generally be controlled by the account card, contract, etc., entered into with the bank at the time the account was opened. Under Alabama law the bank is insulated/protected from any liability to the estate of the deceased owner, for paying out the funds to the other/surviving person named on the account.

However, depending upon your particular fact situation, the estate of the deceased account owner "may" have a right of recovery, IF the deceased would have had such a right during lifetime such as where the deceased had placed ALL the funds into that account and by adding the name of the other family member only intended them to have access in the event of an emergency or incapacity -- not intending any gift of the funds, not during their lifetime, nor upon death.

Generally, such an account will/should have been designated as a "right of survivorship" account if such "gift" after death was intended. And if so, then the surviving name on the account owns the funds outright and the estate has no interest in the monies.

Hope this help, and if you have further Qs, give us a call. have a blessed Lord's Day and coming week. Kindest regards, Chip

Re: bank account ownership,

Did you mean to ask about Alaska law? Your question indicates that you did but I will assume that you hit the wrong key and you are interested in Alabama law.

A joint account is just that- an account owned by two or more people. One person's death doesn't prevent the other joint owner from transacting business, including depleting the account. This is the one reason lawyers advise against joint accounts.

The executor of the estate wouldn't have any say/so over a joint account since it isn't part of the probate estate. To be sure though, I advise that you read the account set-up form from when the account was opened to determine whether the account was truly a joint account or not.

William Nolan

www.nolanelderlaw.com