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shared bank accounts

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K

kms

Guest
if three people are co owners of a bank account. one is the primary the other two are secondary. the primary dies. is the money to be split 50/50 between the surving co owners or is the money to be placed into the estate. i was advised by the bank that the first person to remove the money is the 100% owner of the money. the will only lists one of the co owners as a benificary to money. the other gets physical properties. this is in alabama. the other co owner, not listed as beneficary to money in the will, is the executor and is demanding the total amout in the account for the estate. they want a check drafted for the total amount. this check per this person should be written to them only with no indication of "for the estate of" or any notation to only be used for the deceased persons estate. is this correct.
 


M

Marcia M

Guest
I'm not from Alabama but the exact wording on the account usually governs. And no, as between the two persons named on the account, and the estate's rights, the first one who takes it out does not own it free and clear of claims of the other or the estate. (Although the bank is off the hook.) You'd better get to a lawyer who will repesent YOUR interests if the money is substantial.
 
K

kms

Guest
The third party and I have decided to place the funds into a bank account designed to pay the estate off. The money is more than the total debt. The third person is the executor and will oversee the payments. The money was transfered via check to "the estate of ...." thus, hopefully, only to be used by the third party to pay the dept. The remainder to be split between us. Does this sound correct?
 

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