Legal Question in Wills and Trusts in Illinois

Re: Executor's control over joint tenant accounts

First, assets held jointly with the decedent now belong, as of the date of death, to the surviving joint tenants. These assets pass outside of the probate estate, and are NOT subject to calculation of or claims for executor fees, or any other estate administration expenses. As a surviving joint tenant, you have an equal right with your sister to deal with those assets. With respect to bank accounts, unlike other assets, either of you can withdraw the money and close the account, However, I am not suggesting that you do that, I am warning you about what the other joint tenant could do. My recommendation is that you and your sister split all of the joint property as soon as possible, and each administer your half separately. As to how you dispose of such assets, you each get to decide for your half, subject to claims of creditors that may have attached to the property, for example, a mortgage on a jointly owned house. For assets that are not divisible, such as real estate, you would have to agree, or in the absence of agreement, bring a suit for partition outside of the probate action.

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