Legal Question in Wills and Trusts in New York

Joint Account with Rights of survivorship

A very dear freind of mine opened a joint account with rights of survivorship with my name on it. She had one sister whom she never spoke to. We found out that she had terminal cancer and I begged her to let me call her sister. They needed some time together. I called the sister and reunited them. When the sister found out how munch money her sister had she immediately said that she would care for her. The will was changed and all money went to the sister. I told my friend that her sister could have the money in the joint account as well. She instantly said no. Her sister knew about the money and said how happy she was that her sister gave me that money. Now after my friend has died the sister is very cold to me and I really beleive she is going to try to take the money from me. I had a wonderful realtionship with my friend and her sister would not have what she has got today, if it was not for me.


Asked on 8/22/08, 4:04 pm

3 Answers from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Joint Account with Rights of survivorship

I agree with the other authors that the account is yours to keep and can be closed by you and the moneys placed in your personal account. I believe the "cold" feelings towards you are merely part of the grief felt by the survivng sister and maybe some jealousness about your close relationship with her sister, and that it will pass in time.

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Answered on 8/23/08, 1:28 pm
Alexander Kaplan Alexander L. Kaplan, PA

Re: Joint Account with Rights of survivorship

So long as the account was a true joint account, you can go to the bank and close it immediately without saying anything about the death of the co-owner. A joint account can be closed by either signatory at any time. Do it immediately.

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Answered on 8/22/08, 4:40 pm
Michael Markowitz Michael A. Markowitz, PC

Re: Joint Account with Rights of survivorship

I am sorry about the loss of your friend.

As an attorney we are trained in the law, not in psychology. There may be a reason why the surviving sister is cold to you despite your offer to deliver the money held in the joint account. Give it time, she may come around. If not, then she really was not a friend.

As a joint account holder with rights of survivorship, once there is a death the account is automatically placed in your name. You should transfer the money into an account that solely has your name.

Mike.

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Answered on 8/22/08, 5:07 pm


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