What happens to joint bank accounts in an intestate succession?

In New York, when a person passes away without a will, their estate is divided through the process of intestate succession. This means that when a person holds a joint bank account with another person, it may become a part of the intestate succession process. When one of the account holders dies, the surviving account holder will likely be able to maintain control over the account until the estate of the deceased is settled. This means that the surviving account holder can continue to access the account and use the funds in it for any purposes that the deceased account holder had originally intended. However, once the estate of the deceased is settled, the court will determine how the assets in the joint bank account will be distributed among the heirs of the deceased. Depending on the size of the estate, the account may be divided among the heirs or the remaining funds may be entirely given to one person. In some cases, if the intestate succession process is done correctly, the surviving joint account holder may be able to keep the entire balance of the account. In other cases, the surviving joint account holder may have to pay back some of the funds in the account if their claim to the funds is not as strong as those of other heirs. No matter the outcome, it is important to remember that joint bank accounts are subject to the intestate succession process in New York. When dealing with a joint account, it is best to consult a professional to ensure that your rights are protected.

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What happens to joint bank accounts in an intestate succession?

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