NYS Survivorship

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  #1  
Old 02-22-12, 04:32 PM
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NYS Survivorship

A joint checking account; father and child, if the father dies, does the account close, or can the survivor continue to use the account. Thank you
 
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Old 02-22-12, 04:40 PM
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Depends on whether the account is an "and" account or an "or" account. In an "and" account both have to sign checks. In an "or" account either can write checks or make decisions.
 
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Old 02-23-12, 06:01 AM
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Thank you for your timely reply. It is an "or" account. Does
the rule apply if one of the signers dies?
Thanks
Sid
 
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Old 02-23-12, 06:33 AM
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The account doesn't close...but much depends on whose assets are in the account.

For instance...a caregiver is put on the account of a senior. None of the money in the account is theirs...it all comes from the senior. The senior dies and the caregiver loots the account....illegal as all get out.

Second example...only husband and wife. Those are shared assets so the survivor can continue to draw on the account. Big difference.

If son and father were both putting money in, the the son could continue to draw what he puts in, no problem I would think. If he took any of the fathers assets for his use he could be liable.

It might be different if they were sharing a home and he used the money to continue to pay bills that the father had incurred or to maintain the home.

The first thing though would be to contact the estate attorney or the executor of the will.
 
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Old 02-23-12, 10:31 AM
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Thank you all. I asked an officer at our bank, abd he said upon the death of a joint signitary, to bring an original copy of a death certificate, and they would rename the account.
Sid
 
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