Hope someone can help

[NotEasy]

I know this is not a legal forum...so please pardon me to ask a legal question..hopefully one of the many knowledgeable folks here has the answer. I got so attached to this forum that I only feel comfortable to ask a question here =)

Taxpayer has a joint account with his grandma. Either one could access the account so whether his grandma is alive or not, taxpayer can still access the fund. Grandma has just passed away...without a living trust. Does the taxpayer have to go through probate to take over the account?

Thank you in advance.

[dsi]

Does taxpayer truly have a JOINT account with G-ma? Or, is taxpayer simply a signer on G-ma's account?

[Gretel]

I know this is not a legal forum...so please pardon me to ask a legal question..hopefully one of the many knowledgeable folks here has the answer. I got so attached to this forum that I only feel comfortable to ask a question here =)

Taxpayer has a joint account with his grandma. Either one could access the account so whether his grandma is alive or not, taxpayer can still access the fund. Grandma has just passed away...without a living trust. Does the taxpayer have to go through probate to take over the account?

Thank you in advance.

Normally joint accounts are set up with right of survivership. If this is such an account then no probate is necessary. You didn't ask about estate taxes so I assume they don't apply. Just in case, if your client did not contribute any funds to this account, the full amount needs to be included for the estate.

[NotEasy]

Does taxpayer truly have a JOINT account with G-ma? Or, is taxpayer simply a signer on G-ma's account?

Normally joint accounts are set up with right of survivership. If this is such an account then no probate is necessary. You didn't ask about estate taxes so I assume they don't apply. Just in case, if your client did not contribute any funds to this account, the full amount needs to be included for the estate.

Thank you dsi and Gretel.

Yes, he said it is a joint account.

As far as estate tax, he did not ask me anything about it. I guess he has his own adviser on this part.

[erchess]

Ask the bank

The bank already knows that Grandma is dead. They will tell the grandson when he tries to withdraw money if there are any legal niceties he must do first. At least that has been my experience.