Jointly Owned Accounts under Probate

[lynnreg]

I live in the state of Texas and want to know if jointly owned bank accounts need to be listed on the Inventory and Appraisement? Texas Statutes and Codes Probate Code Chapter 11/439 Rights of Survivorship states, "On the death of one party to a joint account, all sums in the account on the date of the death vest in and belong to the surviving party as his or her separate property and estate." That being the case, do these jointly owned accounts need to be itemized as part of the decedent's estate?

 

[advisor10]

JULY 7, 2001

DEAR LYNNREG:

These jointly owned bank accounts are NOT considered part of the decedent's estate.

SINCERELY,

[email protected]