Legal Question in Wills and Trusts in Texas
Child & deceased parent joint account
I have one CD, one savings account and one checking account which were in the names of myself and my deceased parent. Can I remove these funds without going through probate? I know the remainder of the estate must be probated.
2 Answers from Attorneys
Re: Child & deceased parent joint account
It depends upon the nature of the account. Joint accounts with right of survivorship (JTWROS) or payable on death accounts go directly to the survivor.
Since the rest of the estate needs to be entered in probate, the accounts will come to you anyway.
Re: Child & deceased parent joint account
It depends on the account. If they are accounts where you are a joint tenant with right of survivorship (with you being a joint tenant) or a pay on death account (to you), the bank should give you immediate access to the funds. Otherwise, it is very simple for a lawyer to assist you in filing the will in the probate court and have letters testamentary issue within 20 days (assuming no hitches) which should give you access to the accounts if you are the Independent Administrator. My sympathy to you and your family for the loss of your parent, and you are welcome to contact me if you have further questions.