Legal Question in Wills and Trusts in Massachusetts
Will vs. Joint Bank Account
A person makes out a will evenly distributing all of his assets to his children upon his death. Rather than signing a power of attorney, he adds one of his children's names to all of his bank accounts in the event that he can no longer handle his financial affairs. What happens to the will when this parent dies? Does the person who is jointly on the bank accounts keep everything? Do the other siblings have any recourse?
Asked on 3/14/03, 9:25 am
1 Answer from Attorneys
Frank Rozanc
Frank J. Rozanc, Esq.
Re: Will vs. Joint Bank Account
Under Ohio law, the decedent is rebuttably presumed to have wanted the 2nd name on the accounts to have the money. The beneficiaries must produce some outside evidence of the decedent's intent to prevail.
Answered on 3/14/03, 2:23 pm