What happens to joint bank accounts in an intestate succession?

In North Carolina, joint bank accounts in an intestate succession are distributed differently depending on the type of account. If the account is a joint tenancy with right of survivorship, then the surviving joint tenant will have sole control over the account when the other party dies. All they need to do is provide a death certificate to the financial institution to get full access. However, if the joint account is a tenancy in common, then the deceased person’s heirs will receive the portion of the account based on the deceased’s intestate succession laws. This means that the heirs will need to submit an application to the probate court to receive their share. Once the court approves the application, the financial institution will be obligated to follow their instructions and distribute the assets accordingly. In either case, it is important to be aware that any joint account will be subject to the laws of intestate succession. Therefore, it is important to be aware of what type of joint account is being used and to document the details surrounding the agreed-upon succession plans. In some cases, it may be necessary to create a trust with appropriate beneficiaries to ensure that the account’s assets are distributed in accordance with the deceased’s wishes.

Related FAQs

What happens to joint bank accounts in an intestate succession?

Related FAQs

Related Blog Posts