Joint accounts are related to financial institutions and a type of account where more than on a candidate has the right on the account. Now, the question is how the rights will be decided? There may be problems in deciding the rights for different candidates in the probate case. Are the joint accounts considered as survivorship accounts? Are the candidates able to get all of the rights to the account? Or, does the money go through depending on a probate or will? Well, in that case, the court has the responsibility to check out the documents provided in the joint accounts and the statements provided to create the accounts. According to the word of the account, the type of the account is determined. In most of the cases, check boxes are used in the form where the creator of the account will fill up what type of account they need. The form will be filled up and submitted for the creation of the account. All of the accounts are considered as non-survivorship accounts. LA Probate Law says that the person has the responsibility to provide all of the proof for proving that the account is not a non-survivorship account. Thus, if you are going to create a joint account, it’s your burden of proof that the account is a survivorship account. The signature card is checked after filling up by the candidates. Now, if the boxes are not checked or too many boxes on the card are checked, the account is considered as a non – survivor account. The owner’s estate and will of the owner will help to pass the account. The court has found that in most of the cases souses are intended to make joint accounts. The burden of proof in case of spousal joint account is lower than the non-spousal account.
Basic Difficulties in Joint Accounts
Now, the question is what are the main difficulties related to the joint account creation? First of all you have to understand about the three basic types of joint accounts. These are:
· Convenience accounts: More than one person can be the owner of the account, but non-owners can’t have the power to make withdrawals. After death of the account owner, the right of the owner will be passed to another person based on his will. The property can also be passed based on the probate estate or can’t be passed to non-owner, it depends on his will.
· Tenants in common: Two are more candidates have the equal right on the account. After the death of the owner, his share will be passed based on his will, or based on the probate estate and won’t pass to another owner.
· Joint accounts: It can be both with the right of survivorship or without the survivorship. In the first case, if any one of the account dies, the right will be transferred to the other candidate. That mean here it does not depend on the will of the decease or the probate estate expresses LA Probate Law. But, in the second case, where joint account with survivor means the right will be passed depended on the will, not to the other owner of the joint account.
Example of Difficulty related to Joint Accounts
Imagine about a case where the account is said to be “Joint accounts – with survivorship” but there is no right to the survivor. Well, this situation does not meet what is spoken. Then, this type of account can be created for its confliction. Think that in the checkbox, no right for the survivorship has been checked and there on the signature card showing that the type for the account holder is “Joint with survivorship”. Well the legislature had amended the code of probate on 1st September, 2011. The creation of joint accounts for spouses with the survivorship right is much easier and convenient. Or, you can say that the joint account has been created for that. But this is not the solution. According to the court, the main difference between a simple account and a joint account is the survivorship right. In case of spousal joint account the wife and husband signed all of the documents and this indicates that the account has a right of survivorship. The joint account goes to the survivor, does not depend on the wills or the estate probate. Simply LA Probate Law has the clearest statement to solve the issues related to the joint account. Thus, if you are having any problem with the joint account you can clarify it with the help of the authority of the financial institute.
Now, coming to the spousal case, there can be two types of marriages. These are:
· Ceremonial marriage: The boy and girl obtain the license for marriage and they are married by an authorized person who can perform the marriage.
· Common law marriages: No license is needed here and no ceremonial marriage can be performed as well. It’s almost like a natural born child. The law considers the couple as a married couple.
LA Probate Law explains in both cases the spouses are heirs and that is taken under the law of distribution and descent. However, they must prove that they have been married in any of the two ways. They need to prove it before entitling themselves as inherits. Now, if you are in such situation and you need help related to the inheritance issues, you should consult with an attorney.