Legal Question in Wills and Trusts in Texas

Joint Account vs. Joint tenancy

I have an account composed of mutual funds which is owned by myself and my wife in a ''joint account''. Does this differ from joint tenancy with respect to transfer to the survivor in the event of the death of one of us - or are they functionally the same?


Asked on 6/09/04, 9:18 pm

1 Answer from Attorneys
Chris Abel Law Offices of Joshua Wintters & Associates

Re: Joint Account vs. Joint tenancy

Unless it mentions a survivorship agreement in the instrument, then their is no right to survivorship. When you or your spouse die, then the other gets their half of the account and is able to use it, but the entire account will not pass to them without probate. Please feel free to contact my office if you have any further questions.

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Answered on 6/10/04, 6:26 pm


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