Legal Question in Wills and Trusts in Texas

Funds in a Savings Money Market Account

My sister passed away. She and I had a Joint Money Market Savings Account with funds she had acquired from a lawsuit settlement. Since her passing, I transferred the money into another account using only my name. Since she left no will, do the funds have to be included in a Probate to her estate?

Asked on 5/20/04, 7:59 pm

2 Answers from Attorneys

Michael Dover Michael A. Dover, PC
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Re: Funds in a Savings Money Market Account

If you and your sister held the account as joint tenants with a right of survivorship, then ownership of the funds passed to you upon your sister's death. Otherwise, your sister's interest in the funds would be part of her probate estate.

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5/20/04, 10:05 pm
Peter Bradie Bradie, Bradie & Bradie
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Re: Funds in a Savings Money Market Account

See Mike Dover's answer to your question. Also, and account styled as "Payable upon death" would also be outside the estate.

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5/20/04, 10:37 pm

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