If it is a standard joint account, the money would belong to your mother.I live in Washington, it's a community fund state. I have a question about my bank account. I add my mother's name to my bank account before I got married and I have my income automatically deposit into this account every month. Just wonder if god forbid something happen to me. This account the money will goes to my mother? Or my wife has claim about this account? thank you.
If this is a standard joint account, then all account holders are considered owners of the funds. If one passes the other still owns the account. At least this is true when it comes to banking regulations. Can a withdrawal by the surviving owner be contested by the spouse not on the account? That I cannot say.i dont know if it is that simple - it is my understanding that marriage laws could apply ???
I do understand what you are saying but the joint account holder is also a legal owner of this account, hence these funds. It would have to be proven that the funds in that account should not belong the the now only living owner.hi aog,
it is my understanding that assets before marriage, and inheritances are separate property, if they are not co-mingled.
other than that, marriage laws tend to apply. since op is adding to this account on a continuous basis, the added funds would no doubt be "marital" funds.
trusts are good ways to keep properties separate. but i know you never want to add to them with funds "earned" from marital assets, or wage earnings.
i think there is a very good chance that the spouse could win a challenge in court.