Legal Question in Wills and Trusts in Missouri
when a moneymarket account is set up as joint tenants WRS and one person dies, does that money have to go to pay his bills or does it belong to the survivor? What about a transfer on death set-up?
Asked on 7/23/11, 12:26 pm
1 Answer from Attorneys
Michael R. Nack
Michael R. Nack, Attorney at Law
In both of your examples, the survivor owns the account immediately uponthe death of the other owner. In some cases the survivor will need to take some action such as providing the bank or fund manager of the death and possibly providing a death certificate. In no case is the survivor required by reason of the titling of the account to pay the deceased person's debts.
Answered on 7/24/11, 4:36 pm