Legal Question in Wills and Trusts in Texas

Joint versus Individual Financial Accounts

As we near retirement age, I am moving some money from equity into fixed income (CD's).

Is it better to set these CD's up as Joint Tenants, or just one of us (myself, my wife) as an Individual? Does it matter?

We both have executed Wills, so I am wondering that in the event that one of us dies, whether the settlement of the estate would be simpler, faster, better etc. if the CD's were set up Joint versus Individual.

In my limited understanding, I would assume that the Texas Community Property, and Estate laws would make this choice moot, considering that we have Wills.

Thanks in advance for your assistance.


Asked on 9/29/06, 4:16 pm

2 Answers from Attorneys
James Grissom Law Office of James P. Grissom

Re: Joint versus Individual Financial Accounts

For these types of liquid assets, Joint Tenancy with Right of Survivorship is usually best. I hope your wills have been prepared by an attorney. I can't tell how many estates I have tried to fix because of self-made wills. Many times with unintended sad results.

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Answered on 9/29/06, 4:27 pm
Peter Bradie Bradie, Bradie & Bradie

Re: Joint versus Individual Financial Accounts

Set them up a Joint With Right Of Survivorship ("JTWROS"). That way they'll pass as a matter of contract upon the bank's receiving notice of death.

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Answered on 9/29/06, 4:39 pm


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