Legal Question in Wills and Trusts in Illinois
probate law re: joint savings
My father and I have a joint savings account. He is seriously ill and not doing well. He doesn't have a will. If he passes, will this account be frozen and have to go through probate or will I have access to these funds?
2 Answers from Attorneys
Re: probate law re: joint savings
If it's a typical joint account, then it's technically a joint account with rights of survivorship. If one account holder passes away, the other account holder owns the account. It should not have to go through probate.
Re: probate law re: joint savings
It will pass to you by right of survivorship. If you have siblings they may have grounds to contest your survivorship interest if they can establish the joint tenancy was set up merely as a convenience for your ill father. But in the absence of such a contest the account will pass to you without probate by right of survivorship. All you will need is a death certificate and your own proof of ID.
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