Joint Tenancy For Bank Account In Washington
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FAQ
With a joint account with right of survivorship, the asset immediately becomes property of the survivor when one of the people dies. This avoids the requirement for probate for these assets and makes the funds immediately available to the survivor, rather than waiting until the estate is settled.
A joint account generally passes outside of the will because it is considered to be a non-probate asset meaning it passes directly to the surviving owner rather than through the will. In most instances, joint accounts are used as “convenience accounts”.
If a joint account is subject to a right of survivorship, the funds automatically become the property of the other joint account owner(s) upon the death of another joint account owner.
You don't even have to be a couple – any two or more people can open a joint account if they wish, you don't need to be married, related or share an address.
Visit a bank branch together or call together (though some banks or credit unions allow you to do it online). Request to add the other person to your savings or checking account.
Right of Survivorship by Default: Generally, joint bank accounts are presumed to have rights of survivorship unless otherwise specified.
Joint Bank Account Rules on Death "The joint owner becomes the legal and equitable owner of all funds in a joint account at the instant of death," says Doehring. "It does not become part of the probate estate."
Instead, the deceased party's share of the account becomes part of their estate and would be subject to probate. Once the probate process is complete, the deceased member's share of the multi-party bank account would then pass to their designated beneficiaries.
Key Takeaways Joint owners or beneficiaries of the deceased person's account can work with the bank directly to access the funds. If the account becomes part of the owner's estate, the legally designated executor can collect the funds and place them into an estate account.