Legal Question in Wills and Trusts in Texas

Bank Accounts and Personal Estates

Bank Accounts and CD's are in both parties names,

Example: "Person-A or Person-B"

when Person-A dies, Person-B can obtain the finances by simply removing Person-A's name from the accounts.

I know this to be true.

My question is:

Are the above accounts Legally considered part of

Person-A's estate. If there are legal actions against the estate of Person-A, can the above accounts be

attached to the estate, or are they seperate.

I am hoping that they are seperate, and any legal

actions against the estate cannot touch the accounts.

PS: Wills do not list the accounts.

Asked on 1/30/00, 6:20 pm

1 Answer from Attorneys

Roger Powell Roger T. Powell, Attorney

Re: Bank Accounts and Personal Estates

Generally speaking, funds in an account belong to

the person who deposited them. It would appear that

if person "A" deposited the funds in the account,

these funds could not escape a judgment simply

because they are in a joint account. The wills

won't make any difference.

Read more
Answered on 3/11/00, 3:32 pm

Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Texas