Legal Question in Wills and Trusts in Michigan
Joint Accounts
Hello,
I would appreciate any information regarding the following issue.
There are a number of bank accounts and CD's held jointly between a parent and adult child. Parent has passed away leaving said child trustee of estate. A few items not included in trust will be probated and same child is executor.
Trust and will state that all estate assets are to be divided equally among the several children - specifically states ...''notwithstanding any accounts (currently or in the future) which are held jointly with one or more children...''
The bank feels these accounts belong to the joint owner because they passed directly to this person outside the trust and are not subject to probate.
Do the wishes stated in a trust/will supersede the joint with survivorship designation on the various bank accounts? Is it legal to close joint accounts and refuse to share with other siblings?
What proof is necessary to challenge the closing of these accounts or is the wording in the trust enough evidence?
Longstanding family drama eliminates any warm fuzzy feelings so I am interested in strictly legal rather than what might be considered *nice*
Thank you very much for any information/advice you may offer on this matter.
2 Answers from Attorneys
Re: Joint Accounts
A joint account is presumed to be just that "a joint account." The joint account with rights of survivorship is outside of probate and generally not subject to the probate court, will, or trust instrument unless designated as such. For more info., please contact my office at the phone number listed on the lawguru website.
Re: Joint Accounts
Because of the clause you mentioned, these accounts go directly to the joint survivor, and do not get distributed according to the general provisions of the will. Therefore, the joint survivor on the accounts can do what he or she wishes with this money. The bank is correct, and the bank may require additional forms, but usually seeing the language in the Will/Trust is enough. Katie Jackel, Esq
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