Rights to Funds In Joint Account

[jgroleau]

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

An unmarried couple have a joint savings account. Both names are on the account with an "or" between the names. The account was fully funded by one of the two. The account has been in the control of the person who funded the account. The intent was if one of them dies the other would get the funds. The relationship ends prior to death of either. Does the person who did not fund the account have any claims to the funds?

 

[CSO286]

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

An unmarried couple have a joint savings account. Both names are on the account with an "or" between the names. The account was fully funded by one of the two. The account has been in the control of the person who funded the account. The intent was if one of them dies the other would get the funds. The relationship ends prior to death of either. Does the person who did not fund the account have any claims to the funds?

The "or" mean either person can clean it out at any time.

 

[ecmst12]

But if the person whose money it is cleans it out first, then the other person does not have any recourse.