Legal Question in Wills and Trusts in New York

Re: joint bank accounts

Joint accounts are not usually frozen. However, in some jurisdictions this may differ, depending upon how the joint registration is designated on the account (either AB and CD, or AB or CD). The former, using the designation "and" connotes either party can withdraw on the account and implies both have contributed to its balance, while the "or" designation implies that the person whose social security number has merely given the other person access to the account. While this distinction may not cause the account to be frozen, it could subject the entire account, rather than some portion of it, to federal or state estate or inheritance taxes.