Legal Question in Wills and Trusts in Tennessee
will vs joint account
mother has considerable money in cds. Due to Fdic insurance some accounts have one of her two sons on the account jointly. Her will divides her assets equally between two sons and small bequests to two grandchildren. When she dies does the money in the joint account go to the second name on the account or become part of the estate?
2 Answers from Attorneys
Re: will vs joint account
The funds in the cd's will pass to the remaining person who's name appears on the joint account
Re: will vs joint account
Generally when accounts are held jointly, the joint account holder receives the funds upon the death of the other joint account holder. However, I would check with the bank to see how the account was listed. If your name is listed ont the account as a "POD" Pay on death, I would ask them how long will it take me to get the funds.
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