What happens to joint bank accounts in an intestate succession?

In Nevada, when someone dies without a will (intestate), the state has laws to determine how the deceased’s property and assets will be distributed among family members. This is known as the law of intestate succession. When it comes to jointly owned bank accounts, the bank’s policy may dictate how the funds are distributed. Usually, the funds will pass to the surviving joint owner, who will be the sole owner of the account after the other account holder’s death. Under Nevada intestate succession law, when two people are on a bank account as joint tenants with right of survivorship, the full account balance will go to the surviving joint owner in the case of one person’s death. The deceased owner’s share of the funds will not pass through the probate process and will not be subject to the intestate succession process. In the case of a bank account which is owned as “Tenants in Common”, the account may be subject to intestate succession. In this case, the deceased owner’s share of the funds will be subject to probate and the intestate succession process. If the account is subject to intestate succession, the surviving owner’s share of the funds may be distributed to the deceased owner’s legal heirs, according to Nevada state law.

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What happens to joint bank accounts in an intestate succession?

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