What happens to joint bank accounts in an intestate succession?

In Minnesota, joint bank accounts are handled differently in an intestate succession, compared to how they are handled in the event of a testate succession. In an intestate succession, the bank account must first be divided according to the Minnesota intestate laws, which focus on the closest relatives of the deceased. For example, if the deceased had a joint bank account with his or her spouse, then that account will transfer to the surviving spouse. If the deceased had a joint bank account with a parent or child, then the account shall be divided equally between the surviving co-owner and the heirs of the deceased. If the deceased had a joint bank account with siblings, then the account will be divided equally between the surviving co-owner and the survivors of the deceased. If the deceased did not have any surviving relatives, then the bank account will be divided among the heirs of the deceased, according to the laws of intestate succession in Minnesota. All of the heirs will be entitled to a portion of the account that is proportionate to their relationship with the deceased. It is important to note that the rules governing joint bank accounts in an intestate succession can be complex, so if you are dealing with such an issue it is best to consult a qualified lawyer experienced in estate planning and intestate succession law in Minnesota.

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What happens to joint bank accounts in an intestate succession?

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