Savings account

[wannawin]

What is the name of your state (only U.S. law)? Michigan

I have been a co-owner on a credit union account for years. I wasn't the primary social security number and never deposited or withdrew from the account. The primary recently died. Is this account something that the estate can claim and withdraw without my knowledge or permission or is it leagelly mine?

 

[sandyclaus]

What is the name of your state (only U.S. law)? Michigan

I have been a co-owner on a credit union account for years. I wasn't the primary social security number and never deposited or withdrew from the account. The primary recently died. Is this account something that the estate can claim and withdraw without my knowledge or permission or is it leagelly mine?

It depends entirely on how the ownership of the account was established. You're looking for the words "Joint Tenant With Right Of Survivorship" or JTWROS.

See this for more info: http://wills.about.com/od/howtoavoidprobate/a/jointownerdies.htm

 

[anteater]

Have you been down to the credit union with a copy of the death certificate yet?

 

[swalsh411]

On what moral grounds do you feel you are entitled to a cent of this money? Just because you can, doesn't mean you should.

 

[wannawin]

Anteater...going soon.


Swalsh411...I am only asking a legal question.

 

[wannawin]

Anteater... I am going in a couple days, on my day off.

 

[wannawin]

Swalch411...if they ( my sisters) would have played nice...so would I have. None of my new info has come into play until 8 days ago. Fight fire with fire, I guess.

 

[anteater]

If there is a right of survivorship, and it is likely that there is, the legal presumption is that the deceased intended to do what he/she did - arrange so that ownership of the account transfers to you upon the co-owner's death.

That presumption is subject to rebuttal. But your sisters would have to convince a court that the deceased did not intend to have the account transfer to you. That may be marginally easier to do than the contention about the life insurance beneficiary designation. But it is still a difficult argument for them to make.

 

[swalsh411]

Swalsh411...I am only asking a legal question.

I will give any advice I choose to give.

 

[Zigner]

On what moral grounds do you feel you are entitled to a cent of this money? Just because you can, doesn't mean you should.

How about the moral ground that the LAW in this situation says (ok, may say) that the money belongs to our OP?

 

[anteater]

Since we don't know (and, perhaps, nobody does) what the intent of the deceased was, I would suggest that a kerfuffle about "what is the moral thing to do" is not fruitful.

 

[davew128]

On what moral grounds do you feel you are entitled to a cent of this money? Just because you can, doesn't mean you should.

On what legal grounds do you think your question has any merit whatsoever?

 

[swalsh411]

On what legal grounds do you think your question has any merit whatsoever?

As previously stated, I will give any advice or ask any question that I want. That is my perogative as a volunteer.

I often choose not to assist people who are doing what, in my opinion, is ethically questionable, even if it is legal. Usually I just pass on posting in the thread but in this case I wanted to know why the OP thought he had a claim to the money.

 

[davew128]

As previously stated, I will give any advice or ask any question that I want. That is my perogative as a volunteer.

I often choose not to assist people who are doing what, in my opinion, is ethically questionable, even if it is legal. Usually I just pass on posting in the thread but in this case I wanted to know why the OP thought he had a claim to the money.

Excellent. Then it is my perogative as a volunteer to tell you that you're not just legally wrong, but morally wrong as well.

 

[justin1]

This seems to be a either or survivor. Since you are the co owner of the account for years how can a third party claim or withdraw without your knowledge. But definitely, get a copy of the death certificate of the deceased and submit it to the credit union.