Ask the Expert: Establishing Different Kinds of Joint Accounts
August 19, 2022
I have a joint savings account with my 95-year-old father in the amount of $300,000. The purpose of me being on the account is to pay final expenses. I’m also the executor of his will. After I pay final expenses, can I just distribute the remaining amount in equal shares to my four siblings?
You and your father clearly have “convenience” joint account: He owns the account, and you administer on his behalf. You should document that fact before carrying out your duties as his executor.
Bank customers and bank staff are often confused about the important differences between convenience joint accounts and joint accounts with right of survivorship.